Marine Insurance

This Insurance is to cover all shipments transported from / to applicants warehouses all over the world by sea, air, or by land against the risks of sinking, or ingress of water in the vessel during bad weather conditions or due to Fire or theft of the Consignment including other perils which might affect the Insured consignment.

There are varsities of Marine Cargo Insurance as follows:
1. Single / Individual Marine Insurance: Under this Insurance, Coverage is given to single Shipment (Consignment) from a specific point of origin to the final destination all Transport Risks as per Institute Cargo Clauses of London.

2. Open Cover / Annual Marine Insurance for Several Shipments: This Insurance Policy provides automatic protection of all the insured shipments during the period of insurance whilst transported on sea, air or land against all transport risks as per institute Cargo Clauses of London

Scope of Cover:
It is the set of conditions on which the Insurance Policy is Issued as per the institute Cargo Clauses (I I C) of London.
I I C ( A ): Covering partial or total losses affecting the insured consignment as a result of fire, explosion, stranding, capsizing, collision of ship, discharge of cargo at port of refuge, earthquakes, general average sacrifice, entry of sea, lake or river water, jettison, currying away by sea, theft, damage due to condensation or heat, leaks, breaking, or particular average.
I I C ( B ) : Covering partial or total losses effecting the insured comignment as a result of fire, explosion, stranding, wreck, capsize, collision of ship, collision of ship at port of refuge, earthquake, general average sacrifice, entry of sea, lake, or river water, jettison, or carrying away by sea.
I I C(C): Covering partial or total losses affecting the insured consignment as a result of fire, explosion, stranding, wreck, capsizing, collision of ship, jettison, general average sacrifice, discharge of cargo at port of refuge.

The coverage of war, strikes, riots, and civil commotions can be added to the above insurances as per Institute Cargo Clauses.

Marine Hull Insurance
This type of insurance provides covers against loss and/or damage to vessels/ ship’s hull and machineries, materials and other equipment of the vessel including collision/TPL risks.

This Insurance against the risks to which the ship may be exposed will be for a specified period of time, usually for one year, or for a certain journey,

The ship hull insurance policy covers marine risk, which is a risk arising from navigation or linked to the sea. It also covers the dangers of the sea, such as ship sinking, stranding and maritime collision due to bad weather conditions.

It also covers threats that may occur at the sea such as fire, explosion, theft and piracy.

Comprehensive insurance policy on yachts
It provides the insurance coverage for the insured’s yacht against all marine risks, including Third Party Liability and can be extended to include the ship’s crew.

Marine hull insurance cover include Third Party Liability
The policy provides coverage to the insured regarding their liability towards third party claims for bodily injury and/ or property damage.