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Gns125-principles-of-economics-->View question

What are the types of maritime frauds? - Pondicherry University - 2015

From the subject of marine and rural insurance.


Asked On2017-10-27 14:41:55 by:Divyanshu-Changkakoti

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Frauds are broadly classified into Documentary, Shipping and Charterparty frauds.

  1. Documentary: Some or all of the documents specified by the buyer for presentation by the seller to the bank to receive payments are forged.
  2. Shipping: It includes scuttling, deviation, cargo theft, arson or so called accidental fires in which vessel or cargo isdisposed of with the connivance of her owners.
  3. Charter Party: It occurs when one or two contracting parties default, leaving the others to clear the mess. These contracting parties for a Time or Voyage charter are shipowner, charterer and cargo owner. Such frauds were not uncommon in the past but the problems escalated following oil boom, excess tonnage, congested ports, inexperienced developing countries in international trade and disturbed political or social conditions in various countries.
  4. Theft of cargo by crew.

Answerd on:2017-10-28 Answerd By:Ashwath-Shetty

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