Can You Help Me to Understand This Marine Insurance ?

[LenaB]

Hi all,

I really need some help from "insurance smart" people ! I'm a student, and I'm currently working on transposing a marine insurance policy into English for general purposes, but I'm struggling with the following sentence :

Percentage Of Glass, etc : Warranted that maximum percentage of Glass, China, Marble, Earthenware and the like does not exceed 15% of the total sum insured, or H/C.

Does this mean that the insurer is willing to pay for the damaged items as long as their value does not exceed 15% of the total sum insured ? Or that the insurer will only pay up to 15% of the value of any item (made of glass, china, etc) which wasn't on the insurance ? I'm confused !

Any help would be greatly appreciated.
Kind regards,
Lena

 

[djs]

In order to get any sort of meaningful answer, you'll need to define what type of marine policy this is (i.e., boat/yacht or inland marine).

Also, you'll need to mention what section of the policy this is in reference to.

Dan

 

[Guest]

Usually, "the total sum insured" is an amount of insurance purchased to insure against a total loss.

If a marine policy is used to insure the shipment of goods the carrier is willing to insure the shipment providing the cost to replace the fragile or breakable items does not exceed 15% of the cost to replace the entire shipment. If the replacement cost of the shipment is $100,000 the cost to replace the breakable or fragile items cannot exceed $15,000.

Also, a policy containing the word "warranty" is pretty extreme. Typically, a carrier is entitled to void the policy if a warranty is violated.