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Contract Of Marine (Insurance)

Contract Of Marine (Insurance) Template for Indonesia

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Key Requirements PROMPT example:

Contract Of Marine (Insurance)

"I need a Contract of Marine Insurance for my 50,000 DWT cargo vessel operating between Indonesian ports and East Asian countries, with coverage starting from March 1, 2025, including war risks and environmental liability coverage."

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Document background
The Contract of Marine Insurance is a specialized insurance agreement essential for maritime operations in Indonesian waters and international shipping operations under Indonesian jurisdiction. This document is typically used when vessel owners, operators, or cargo owners require protection against maritime risks and need to comply with Indonesian insurance regulations. The contract includes detailed provisions for coverage of vessels, cargo, or maritime liabilities, incorporating both international marine insurance practices and local regulatory requirements. It aligns with the Indonesian Commercial Code (KUHD), Insurance Law No. 40 of 2014, and relevant OJK regulations, making it suitable for both domestic and international maritime operations involving Indonesian interests. The document is crucial for ensuring compliance with mandatory insurance requirements and providing financial security for maritime operations.
Suggested Sections

1. Parties: Identification of the insurer and the insured party, including full legal names, addresses, and registration details

2. Background: Context of the insurance agreement, including the nature of the marine risk being insured

3. Definitions: Detailed definitions of key terms used in the contract, including maritime-specific terminology

4. Subject Matter Insured: Detailed description of the insured property (vessel, cargo, or other marine interests)

5. Period of Insurance: Specification of the duration of coverage, including start and end dates

6. Scope of Coverage: Detailed description of risks covered and geographical limits of coverage

7. Premium and Payment Terms: Premium amount, payment schedule, and consequences of non-payment

8. Warranties and Conditions: Essential conditions that must be maintained for coverage to remain valid

9. Exclusions: Specific risks and circumstances excluded from coverage

10. Claims Procedure: Process for notifying and filing claims, including documentation requirements

11. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction details

12. Termination and Cancellation: Conditions and procedures for contract termination by either party

Optional Sections

1. Institute Clauses: Incorporation of specific International Marine Insurance clauses, used when adopting standard international terms

2. War and Strikes Coverage: Additional coverage for war risks and strikes, included when specifically requested

3. General Average: Specific provisions for general average contributions, included for cargo insurance

4. Mortgagee Interest: Additional provisions when vessel is mortgaged to a bank or financial institution

5. Special Trading Warranties: Special conditions for specific trading areas or operations

6. Crew Liability: Additional coverage for crew-related risks, included for vessel operators

7. Environmental Damage: Specific provisions for environmental damage coverage, important for oil carriers or hazardous cargo

8. Arbitration Clause: Detailed arbitration procedures, included when parties prefer arbitration over court proceedings

Suggested Schedules

1. Schedule A - Vessel Details: Technical specifications of the insured vessel(s) including name, type, age, flag, classification

2. Schedule B - Valuation: Agreed value of the insured property and breakdown of coverage limits

3. Schedule C - Premium Calculation: Detailed breakdown of premium calculation and payment schedule

4. Schedule D - Geographic Limits: Detailed description of trading areas and any excluded regions

5. Schedule E - Claims History: Record of previous claims affecting the current policy

6. Appendix 1 - Survey Reports: Recent survey reports and vessel condition assessments

7. Appendix 2 - Certificates: Copies of relevant certificates (seaworthiness, classification, etc.)

8. Appendix 3 - Security Requirements: Specific security measures required by insurers

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses









































Relevant Industries

Maritime Transportation

Marine Insurance

Shipping

International Trade

Maritime Logistics

Port Operations

Vessel Management

Marine Cargo Transportation

Maritime Finance

Marine Underwriting

Relevant Teams

Legal

Risk Management

Maritime Operations

Insurance

Compliance

Finance

Claims Management

Vessel Operations

Contracts Administration

Marine Survey

Underwriting

Relevant Roles

Marine Insurance Underwriter

Maritime Operations Manager

Ship Owner

Fleet Manager

Risk Manager

Insurance Broker

Maritime Lawyer

Claims Manager

Compliance Officer

Marine Surveyor

Port Captain

Vessel Operations Director

Maritime Insurance Specialist

Shipping Line Manager

Chief Financial Officer

Legal Counsel

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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