FACTORS TO BE CONSIDERED FOR RATING

 The following factors are generally  taken in to a account while determining the rating of vessels and cargo:  (A) RATING UNDER HULL INSURANCE: (a) TYPES AND TRADE: The quality and fitness of the ship  to serve as a carrier on the particular route is an important factor considered for rating on hull insurance .  The insurer, while underwriting the risk, would like to know the ship with regard to its builder and owner , structural strength to resist strains  adaptability to carry various  kinds of a cargo and its age, and physical condition  the types of engine and its horse power and the special types  of equipments  etc.,

 The risk to be insured depends upon the vessel’s  construction and according to the standard I ,e, commercial standard in the trade,. The rates of premium are determined accordingly.  (b): MANAGEMENT:  The management of the ship entirely  depends upon the shipowner for up keeping the ship. In order  to avoid a bad  track record through  negligence  , indifference, etc., the shipowner appoints  efficient  officers  and crew in the ship. As the nature of risk will vary  depending   upon the efficiency  of management the rates  of premium will also vary.  ( C ) PAST CLAIM EXPERIENCE: The number of claim made by the insurance during the past few years is to be considered  for fixing the rates of premiums. If there were too many claims in the past, the insurer will charge higher rates of premiums on different  marine risks. (d) VALUATION  OF VESSEL : The valuation of the vessel to be insured is very  important  for determining  the rate. The insurer  while underwriting the risk, should verify the valuation  and should ask for the valuation  certificate  from competent  surveyors before granting  the covers . Valuations  includes  adjustment  for the  gross registered  tonnage make machinery installed therein, type, special for the gross equipments  modern gadgets nature and type of a engine, age and  horse power etc.,

 (e): POLICY CONDITIONS: The liability of the insurer increases or decreases  depending  upon the insurance policy conditions given for a bearing the risk. So according to variation  of liability premium  varies.  (f): REPAIR COST: Extra expenditure incurred for the safety of the vessel  is also to be considered  for determining the rates of premium. These expenditures  are incurred at the port when the ship is repaired . These expenditures  or losses  are expressed  as particular average or general average. The definition  of particular average is that the loss or damage must be accidently for or fortuitously  caused by a  peril insured against , and it concerns solely the person interested in the subject  matter of insurance and his underwriting  . On the other hand, General Average implies some voluntary sacrifice of the property made or extraordinary expenditure incurred at a time of peril threatening  the whole property involved in a common maritime adventure with a  view to preserving it  from the peril.

 When such sacrifice ha been made or expenditure  incurred the whole property  preserved shall contribute to the  loss sustained  or the expenditure  incurred . All expenses will be treated  as a General Average  expenditure. The Marine Insurance Act 1963 states that temporary  repairs made for the common safety shall be admitted  as a general average. So under the applications  of general averages the general average contributions are recoverable from respective  marine insurers  insuring the ship  provided the expenses do not exceed the insured value.  (g): NATURAL FACTORS AND TOPOGRAPHY: The insurer also considers the route and terms of the contracts . Some natural hazards are permanent  in nature and some  are seasonal  . For example frequency of storm , shallow water narrow channel. ice, tides, seaquakes are to be taken into account  while calculating  premium chargeable   on a particular route.

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