IRDAI Surveyor Marine Cargo (S-03) flashcards

33 cards. Read the term and the definition here. The deck at the top of this page is optional.

Utmost good faith

The marine insurance duty requiring both parties to disclose all material circumstances and refrain from misrepresentation; breach makes the contract voidable at the insurer's option.

Insurable interest

A legal or equitable relation to the marine adventure such that the assured benefits from the safety of the subject matter and is prejudiced by its loss.

Proximate cause

The efficient, dominant cause that sets the chain of events in motion; recovery depends on this cause, not on the first or last event.

Perils of the seas

Fortuitous accidents or casualties of the sea, such as stranding or collision; ordinary action of wind and waves is excluded as a peril of the sea.

Inherent vice

A quality of the goods themselves that causes deterioration without external accident, such as spontaneous combustion of coal or fermentation of grain.

ICC (A) cover

All-risks cargo cover subject to named exclusions; the insurer bears the burden of proving an exclusion applies to the loss.

ICC (C) named perils

Restricted cover for fire, explosion, stranding, grounding, sinking, capsizing, overturning, derailment, collision, and discharge at a port of distress.

ICC transit clause

Cover attaches when goods leave the warehouse for the transit and ends on delivery to the consignee's warehouse or 60 days after discharge, whichever is earlier.

Both-to-blame collision clause

A cargo cover provision protecting the assured's liability to the carrying vessel under a collision clause in the bill of lading.

Valued policy

A policy stating the agreed value of the insured goods, which displaces later proof of value and fixes the basis of indemnity.

Open cover

A floating policy covering multiple shipments automatically within agreed terms; each shipment is declared and evidenced by a certificate of insurance.

Certificate of insurance

A document evidencing cover under an open cover for a specific shipment; it is not itself a policy but accompanies the bill of lading in CIF sales.

Change of voyage endorsement

An endorsement amending the policy when the destination or route alters, preserving cover that would otherwise terminate on change of voyage.

Seaworthiness obligation

The carrier's duty under Hague-Visby Rules Article III to exercise due diligence to make the vessel seaworthy before and at the beginning of the voyage.

Verified gross mass

The SOLAS requirement that a packed container's weight be verified and declared before loading, supported by weighing or a documented calculation method.

Reefer temperature deviation

A recorded departure from the set-point temperature in a refrigerated container; the data log is central evidence in reefer cargo claims.

Cargo sweat

Condensation forming on cargo surfaces when warm moist air meets colder goods, often linked to ventilation and temperature cycling during transit.

Joint survey

A survey conducted with the carrier's representative to preserve evidence, record observations, and support later recovery against the carrier.

Survey report contents

Policy details, voyage, cargo description, date and place of survey, extent of damage, cause, and quantum supported by documents and photographs.

Salvage sale

The sale of damaged cargo to mitigate loss; proceeds are credited against the claim and insurer consent is required where practicable.

Particular average

A partial loss borne solely by the owner of the damaged cargo and not contributed to by other parties to the adventure.

General average

A sacrifice or extraordinary expenditure intentionally and reasonably made for the common safety, contributed to by all parties in proportion to saved values.

York-Antwerp Rules

The international rules governing general average adjustment; the 1994 and 2016 versions differ, so the policy must specify which applies.

Sue and labour clause

A clause obliging the assured and insurer to act to avert or minimise loss, with reasonable costs recoverable in addition to the sum insured.

Letter of subrogation

A document by which the assured transfers rights of recovery against third parties to the insurer following payment of the claim.

Hague-Visby time bar

Suit against the carrier must be brought within one year of delivery; the surveyor must flag this to preserve recovery rights.

Franchise versus deductible

A franchise waives the deduction if the loss exceeds the threshold; a deductible is always deducted from the payable amount.

Under-insurance average

Where the sum insured is less than the insurable value, the insurer pays the claim in the proportion that the sum insured bears to that value.

Co-insurance

Several insurers covering one risk under a single policy with agreed percentages, usually led by a lead insurer; liability is several unless stated otherwise.

Excess of loss treaty

A reinsurance treaty protecting the insurer against individual losses above an agreed retention, up to a specified limit.

Accumulation control

Underwriting monitoring of exposure concentrated on a single vessel, port, or route to avoid catastrophic aggregation of losses.

Surveyor licence

The IRDAI authorisation required to act as an insurance surveyor and loss assessor, subject to the applicable surveyor regulations and code of conduct.

Survey report timeline

IRDAI requires the surveyor to submit the report within 30 days of the assignment, extendable with recorded reasons where the insurer agrees.