Marine Insurance was the earliest well-developed kind of insurance having its origins in the Greek and Rome. In Bangladeshi context, marine insurance is very much relevant since Bangladesh is a maritime nation and the seaports are busy with loading and unloading cargoes carried by local and international flag-bearing vessels. International flag bearing vessel owners cover their risk by becoming a member of international P&I Clubs. Besides, cargo owners also cover their risk by ensuring their cargo from different global insurance companies. Bangladesh flag bearing vessel and Bangladesh cargo owners/shippers cover their risk mostly with local insurance companies.
On the other hand, general insurance covers property insurance, liability insurance which are not marine risk etc. Principals developed in age-old marine insurance law, e.g. a duty of utmost good faith and not to make any fraudulent claim are also applicable in general insurance. The Insurance Act, 2010 which repealed the Insurance Act, 1938 is the governing law for both general insurance and marine insurance.
It is not very uncommon that due to the collision, false delivery of cargo, local and international embargo etc. both P&I Clubs and insurance companies are required to step in rescuing their customers mostly in Chattogram Port & also in other international ports, where cargo/vessel are from Bangladesh or destined to Bangladesh. The insurers not only involve themselves in investigation and survey to assess liability but also assist their customers at different levels under Sue and Labour cover etc. We are as one of the Leading Law Firm advising and representing Clients on several marines and general insurance matters for a number of years.