What is particular charge?

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