Marine Insurance

Overview

Marine insurance is a specialized form of insurance that provides coverage for risks associated with maritime activities and transportation of goods and cargo by sea or other waterways. It plays a crucial role in protecting the interests of parties involved in maritime commerce, including ship-owners, cargo owners, and freight forwarders. Marine insurance covers a wide range of risks, including loss or damage to ships, cargo, terminals, and other maritime assets, as well as liability risks arising from maritime operations.


Insurance Offerings

  • Marine Hull Insurance
  • Marine Cargo Insurance

Marine Hull Insurance

Hull insurance provides coverage for accidental physical damage to vessels, including ships and boats, caused by collision, theft, sinking, and other perils. It also covers essential equipment and machinery required for the operation of the vessel.

  • Destruction of hull.
  • Damage to machinery.
  • Disbursement losses.
  • Ship-breaking losses.
  • Fittings and freight.

On request, with additional premium, the policy can be extended to cover various optional extensions namely:

  • Outboard motor dropping off.
  • Liabilities to and from water skiers.
  • Personal effects.
  • Other machinery onboard (Motors & Connections).
  • Medical expenses.

Certain significant exclusions include losses arising directly or indirectly from:

  • Willful misconduct on the part of master or crew.
  • Loss caused by delay or ordinary wear and tear.
  • Inherent vice or lack of due diligence.
  • Atomic or nuclear weapons of war.
  • Consequential loss, wear and tear, rust, radioactive contamination.
  • Unexplained or mysterious disappearances.
  • Terrorism.

The sum insured may be based on the actual value or the new replacement value of the property.

Coverage is usually provided for a period of one year.

  • Protection against financial losses and threats to vessels and cargo posed by open waters.
  • Safeguards finances and assets against maritime risks.
  • Premium rates depend on various factors such as the value and age of the vessel, construction, navigation area, crew experience, and previous loss history.
  • Marine insurance ensures financial security and peace of mind for vessel owners and operators.

Marine Cargo Insurance

Marine Cargo Insurance offers protection for goods during transportation by ocean, air, rail, or road against physical loss or damage resulting from insured perils. This insurance is crucial for businesses involved in international trade, ensuring financial security throughout the shipping process.

Coverage is governed by Institute Cargo Clauses A, B, & C, along with Inland Transit clauses for land transportation risks.

  • Institute Cargo Clauses A (ICC A) offer comprehensive all-risk coverage for partial or total loss of cargo from insured perils.
  • Institute Cargo Clauses B (ICC B) provide coverage for:
    • Partial or total loss of cargo due to accidental damage to the carrying vessel by sea, air, or land.
    • Damage to cargo from specific perils like lightning, earthquakes, volcanic eruptions, and water entry into the vessel.
    • Total loss of any package lost overboard or dropped during loading or unloading.
  • Institute Cargo Clauses C (ICC C) offer basic coverage for partial or total loss of cargo resulting from accidental damage to the carrying vessel by sea, air, or land.

Certain significant exclusions are:

  • Mysterious disappearance
  • Unexplained losses
  • Specific exclusions based on policy terms
  • Acts of war
  • Nuclear perils
  • Consequential loss
  • Terrorism
  • War risks
  • Riots
  • Inherent vice
  • Delay
  • Improper packing

On request, with additional premium, the policy can be extended to cover various optional extensions namely:

  • Coverage for Strike, Riots, and Civil Commotion.
  • War risk coverage.

  • Voyage Policy: Valid for a specific voyage.
  • Time Policy: Valid for a specified time period, typically one year.

Agreed value based on CIF or FOB plus a percentage, depending on the terms of the policy.

  • Protection against loss or damage during transportation.
  • Global coverage for international trade.
  • Customizable policies tailored to specific needs.
  • Legal compliance and risk mitigation.
  • Professional support for claims management.
  • Peace of mind for exporters, importers, and logistics providers.

Note: This list is not exhaustive. For detailed terms and conditions regarding coverage under this policy, please refer to the policy contract.

For more details or to buy MARINE  INSURANCE