Oil spill problems from the aspects of the Claim, Performance and Insurance Functions

Fariha  Saeed

doi:10.47667/ijppr.v1i2.13

Authors

Fariha Saeed Department of Management, Faculty of Commerce, University of Chittagong, Bangladesh

DOI:

https://doi.org/10.47667/ijppr.v1i2.13

Keywords:

Oil Spills, Claim, Insurance

Abstract

This article discusses oil spills from the aspects of the claim, performance and insurance functions of the results of tracing oil spills at sea depending on many factors, including the physical, chemical and toxicity characteristics of oil, as well as its distribution which is influenced by the dynamics of seawater: tides, wind, waves and currents. The impact of insoluble oil compounds in water will float and cause seawater to turn black. Several components of oil sink and accumulate in sediments as pollutant deposits in sand and rocks on the beach. Claim settlement in Marine Hull and Machinery is the same as general loss insurance. The rights of the insured that must be fulfilled by the insurer, if it has met the terms and conditions determined by the insurer and stated in the policy. Members receive protection & indemnity for this guarantee so that members are protected and receive compensation from associations that are not covered or insufficiently covered by insurance.

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