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Marine Insurance

Marine Insurance covers you against risks connected with navigation, to which a ship, cargo, freight, profit or other insurable interests in a movable property maybe exposed to, during a certain voyage or a fixed period of time


It covers losses or damages of cargo, acquired or held between the point of origin and final destination, as well as the transport or property by which cargo is held. It is designed to insure merchandise from the time it leaves the seller's premises until it reaches the buyer.


Coverage:

  • Cargo

It covers losses or damages of cargo, acquired or held between the point of origin and final destination, as well as the transport or property by which cargo is held. It is designed to insure merchandise from the time it leaves the seller's premises until it reaches the buyer.

Marine Insurance

  • Marine open policy (import/export/domestic shipments)
  • Marine annual policy (import/export/domestic shipments)
  • Inland marine
  • Stock throughput policy
  • Project cargo with delay in start-up (DSU)

MARINE FAQ'S

  • Willful misconduct of the Assured 
  • Ordinary leakage, loss in weight or volume, or ordinary wear and tear of the subject matter insured 
  • Insufficiency or unsuitability of packing or preparation of the subject matter insured 
  • Inherent vice or nature of the subject matter insured 
  • Delay, even though the delay be caused by a risk insured against 
  • Insolvency or financial default of owners, managers, operators, or charterers of the vessel 
  • Deliberate damage to or deliberate destruction by the wrongful act of any person(s)  
  • The use of any weapon of war employing atomic or nuclear fission 
  • Unseaworthiness of the vessel/unfitness of the vessel, container or liftvan 
  • War, strikes, and civil commotion

  • According to the subject matter of insurance
    • Hull and Machinery 
    • Marine Cargo 
    • Marine Liabilities
  •  According to the risk area
    • Ocean Marine (Import / Export) 
    • Inter-island 
    • Inland Marine
  •  Aviation (Hull and Liabilities)

  1. VOYAGE POLICY
    • The limits of the risk is defined by places.
  2. TIME POLICY 
    • Insurance cover is for a specified period of time.
  3. VOYAGE & TIME POLICY 
    • Combination of both Voyage and Time Policies.
  4. OPEN POLICY
    • Open contract where the terms and conditions are pre-agreed. Particulars of subsequent declarations are to be declared to the insurer.

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