Final answer:
Clauses for naming covered perils applicable to on-deck shipments include the open peril clause for broad coverage excluding specific exclusions, the named peril clause for coverage of specific risks mentioned in the contract, the exclusionary clause for detailing non-covered risks, and the indemnity clause, which deals with compensation rather than naming perils.
Step-by-step explanation:
The clauses for naming the covered perils that are applicable to on-deck shipments are important in the context of marine insurance. These clauses determine what risks are covered for cargo transported on the deck of a ship. Here's a brief overview of the options provided:
- Open peril clause: This clause covers all risks of loss or damage to the cargo except those specifically excluded in the policy.
- Named peril clause: Under this clause, only the perils specifically mentioned in the insurance contract are covered.
- Exclusionary clause: This clause details the perils or risks that are not covered under the insurance policy.
- Indemnity clause: This is not a clause that names perils but instead outlines the insurer's obligation to compensate the insured for a loss.
For on-deck shipments, the type of clause selected will significantly impact the protection of the cargo. If broad coverage is needed, an open peril clause might be preferred. However, if the intention is to cover specific risks, a named peril clause could be more suitable.