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Particular charge along with Salvage charge are terms in marine insurance.
Where the marine insurance policy contains a SUE AND LABOUR CLAUSE , the assured may recover from the insurer expenses properly incurred for the protection of the insured consignment.
· The expenses must be incurred for the benefit of subject matter insured.
· It excludes salvage charges and the expense must be incurred the insured , his employees or agents
· They are recoverable only when incurred to avert or minimise a loss from a peril covered by the policy.
· Sue and labour charges are a type of particular charges
· Other related terms in marine insurance are
Extra charges –expenses of providing claim eg-survey fees. Salvage charges-for voluntarily service to save hull cargo at sea. Average adjusters-Is an impartial person who has the knowledge and acts like a moderator between the insurer , insured and others concerned about these charges.
Marine insurance must be very important in the Gulf region as international trade is a major part of the GDP. I had to study marine insurance during my certification to work in General insurance sector ,but having a BANK CUSTOMER DATA BASE sold mostly health, auto and property insurance to the high net worth Individuals along with Mutual Funds and other bank products . In Chennai it must be warm and sunny. In Calcutta the North Indian Cold has not departed yet. Hope this answers your question .
Thanks & regards
Subhranshu Ganguly
