I (Meaning and importance of Exports) Unit Structure

8) Payment of port dues 
– 
The Agent of the exporter then pays the required port dues 
and collects the mate‟s receipt. 

---

199 
9) Obtaining Bill of lading 
– 
As the final step, the agent of the exporter submits the 
mate‟s receipt to the shipping company on whose ship the goods 
are loaded. The shipping company issues a bill of lading. Normally 
the bill of lading is issued in two or three negotiable and non-
negotiable copies, as they are required on various occasions later 
on. 
12.6 MARINE INSURANCE
12.6.1 MEANING 
Marine Insurance is a contract under which the insurer 
undertakes to indemnity the insured against losses, caused due the 
perils of the sea. 
Here perils of the sea include 
– 
Sinking of ship, Damage to the ship and cargo due to 
dashing of the waves, Dashing of the ships on the rocks, Fire or 
explosion on the ship, spoilage of cargo to sea water, Destruction 
of the ship and cargo by the crew or captain of the ship, piracy and 
such other risks. 
Section 3 of the Marine Insurance Act, 1963 defines a 
contract of marine insurance as an insurance cover for marine 
cargo, air cargo and post parcels. Thus, marine insurance is used 
to cover transportation by any of the following modes of transit 
singly or jointly 
– 
a) Sea, air or land 
b) Inland water voyages 
c) Rail / road 
d) Air
e) Post
It provides insurance or protection to goods in „transit‟ and 
also extends to storage of goods provided such storage is 
incidental to transportation. 
12.6.2
 PROCEDURE 
FOR 
OBTAINING 
MARINE 
INSURANCE POLICY
The following is the procedure for obtaining marine 
insurance policy.