Lesson Notes By Weeks and Term - Senior Secondary 2
Marine insurance V
Marine insurance V
Term – 2nd Term
Week: 5
Class: Senior Secondary School 2
Age: 16 years
Duration: 40 minutes of 2 periods each
Date:
Subject: Insurance
Topic:- Marine insurance V
SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to
INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source
INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures
INSTRUCTIONAL PROCEDURES
PERIOD 1-2
|
PRESENTATION |
TEACHER’S ACTIVITY |
STUDENT’S ACTIVITY |
|
STEP 1 INTRODUCTION |
The teacher reviews the previous lesson on marine insurance |
Students pay attention |
|
STEP 2 EXPLANATION |
He lists the types of marine insurance policies
|
Students pay attention and participates |
|
STEP 3 DEMONSTRATION |
He explains the types of marine insurance policies. He further mentions and explains some common terminologies used in marine insurance |
Students pay attention and participate |
|
STEP 4 NOTE TAKING |
The teacher writes a summarized note on the board |
The students copy the note in their books |
NOTE
MARINE INSURANCE
TYPES OF MARINE INSURANCE POLICIES
(i)Voyage Policies: This is a policy that covers a particular or specific
voyage or journey, e.g. China to Nigeria. The ship will be insured to cover a
journey from one place to another; any deviation from this specified route
will not be covered.
(ii) Time Policies: This is a policy that covers the ship and cargo for a
specific period, usually a year. In case the policy expires o sea, there will
be a continuation clause to cover it until the ship arrives at its destination.
(iii) Voyage and Time Policy or mixed Policies: This is a policy that covers
the subject matter for the voyage and a period of time thereafter, e.g. while
in ports.
(iv) Valued Policies: This is a policy that specifies the value of the goods,
and the holder of such a policy receives specified sum in the event of a
total loss, irrespective of its value at the time of the loss.
(v) Unvalued Policies: This is a policy that provides for claims based on the
value of the goods at the time of the loss. The policy does not state the
original value of goods.
(vi) Floating Policies: This is a policy used by traders who make frequent
shipments of cargo. The cover applies to any shipment made by the holder
who makes a declaration as to the precise amount involved with individual
shipments. This declaration is set against the floating policy, reducing the
sum insured by that amount until the full sum insured is exhausted.
(vii) Construction Policy: This is a policy that covers the construction of a
marine vessel.
(viii) Open Cover Policy: This is a form of insurance (agreement by a
marine insurer) in which the insurer agrees to insure all shipments of cargo
made during an agreed period.
(ix) Fleet policy: This is a policy which covers a fleet of ships under one
ownership.
OTHERS ARE:
(x) Blanket Policies
(xi) Named Policies
(xii) Block Policies.
(xiii) Currency Policies
(xiv) Annual Policy
(xv) Inland Transit Cargo Policy.
(xvi) Inland Vessel Policy
(xvii) Free on Board Policy
(xviii) Sailing Vessels Policy
(xix) Package Policy.
TERMINOLOGIES USED IN MARINE INSURANCE
sold before reaching the destination, or there is a constructive total loss,
the usual form of settlement is that the net sale proceeds will be paid to the
assured. The net sale proceeds are calculated by deducting expenses of
the sale from the amount realized by the sale. The insured will recover from
the insurer the total loss less the net amount of sale. This amount received
from the insurer is called a ‘salvage loss’.
expenses properly incurred by the assured or his agents in preventing or
minimizing loss or damage to the subject-matter by an insured peril.
EVALUATION: 1. List and explain the types of marine insurance policies
CLASSWORK: As in evaluation
CONCLUSION: The teacher commends the students positively