Marine Insurance

Marine Insurance provides coverage against losses or damages to ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between points of origin and final destination.

Businesses involved in the import and export of goods, shipping companies, and logistics providers should consider Marine Insurance to protect against potential losses during transit.

Marine Cargo Insurance: Covers goods in transit.

Hull Insurance: Covers the vessel and its equipment.

Liability Insurance: Protects against legal liabilities arising from maritime operations.

Coverage typically includes:

Fire or explosion.

Vessel or craft sinking or capsizing.

Overturning or derailment of land conveyance.

Collision or contact of vessel with external objects.

General average sacrifice.

Jettisoning of cargo to save the vesse

Common exclusions include:

Loss due to wilful misconduct.

Ordinary leakage, loss in weight or volume.

Insufficient or unsuitable packing.

Inherent vice or nature of the goods.

Delay, even if caused by an insured risk.

Premiums are influenced by factors such as the nature of goods, packaging, mode of transport, distance, and past claim history.

Yes, marine insurance is compulsory for all ship or vessel owners who participate in commercial activities.

To file a claim:

Notify the insurer immediately after the loss or damage.

Provide a detailed claim form and supporting documents, including invoices, bill of lading, survey reports, and photographs of the damage.

Arrange for a surveyor's inspection if required by the insurer.

Cooperate with the insurer during the investigation process.

Once the claim is verified, the insurer will process and disburse the settlement amount.

Yes, Marine Insurance policies can cover both domestic and international shipments, depending on the terms and conditions agreed upon with the insurer.

General Average refers to a loss that is shared among all stakeholders (shipowner, cargo owners) when a voluntary sacrifice is made, such as jettisoning cargo to save the vessel and its contents.

Yes, insurers offer additional covers such as:

War risk coverage.

Strike, riot, and civil commotion coverage.

Duty and freight coverage.

Storage risk coverage.

Yes, Marine Insurance policies can be tailored to meet the specific needs of the insured, including the type of goods, mode of transport, and route.