III IC-67 case studies
III IC-67 · Put your knowledge to work in context.
IC-67 Marine Insurance is a professional examination paper offered within the Insurance Institute of India's professional examination stream, and it appears on the Institute's syllabus listing in two language versions: IC-67 Marine Insurance (English) and IC-67 Marine Insurance (Hindi). The Institute's site also lists closely related marine papers - IC-60 Marine Cargo Insurance Principles and Underwriting, IC-66 Marine Insurance Claims, and IC-70 Marine Hull Insurance Underwriting and Claims - which shows that IC-67 sits inside a wider marine insurance family rather than standing alone. The III IC-67 case studies are 5 cases and about 4,704 words.
1Cashew Kernels on CIF Terms - Seawater Wetting, Short Landing and Late Fire Under ICC(B)
An importer in Chennai buys 600 bags of raw cashew kernels from Douala on CIF Nhava Sheva terms for USD 300,000 and insures the shipment for USD 330,000 under an ICC(B) cargo policy with no franchise. The carrying vessel calls at Tema for nine days to load extra cocoa, then resumes the voyage; no additional premium is agreed and the underwriter is not told until the claim.
912 words, about 5 min2Bulk Carrier Crankcase Explosion - Latent Defect, Common Dry-Docking and One Deductible
An Indian owner insures a 2012-built 45,000 dwt bulk carrier on ITCH 1/10/83 for an agreed value of USD 15,000,000, with a deductible of USD 150,000 any one accident. Her current market value is USD 11,000,000.
968 words, about 5 min3Grounded Container Ship - General Average Contributions and the Unseaworthiness Defence
A 3,200 TEU container vessel grounds on an uncharted rock while approaching Colombo. She is refloated after three days by tugs and by jettisoning 40 containers valued at USD 2,500,000; bunkers are transferred and the vessel is taken to a port of refuge.
878 words, about 4 min4Milk Powder Under ICC(A) - Packing, Inherent Vice, Pilferage and Recourse Against the Carrier
An Indian importer buys 4,000 sacks of skimmed milk powder, 25 kg each, FOB Hamburg, and insures the cargo under ICC(A) for USD 480,000, being 110% of the CIF value. The seller stuffs the cargo into four 40-ft containers in a shed where humidity was high, without desiccant.
1,004 words, about 5 min5Stranded General Cargo Ship - Constructive Total Loss, Abandonment and the Wreck Removal Order
A 1998-built general cargo ship is insured on ITCH 1/10/83 for an agreed value of USD 6,000,000 with a USD 150,000 deductible. She strands on a sandbank off the Gujarat coast during the monsoon and is refloated after 22 days by salvors under Lloyd's Open Form.
942 words, about 5 min