Marine insurance, the oldest form of insurance, protects Shipping Companies and Cargo Owners against the loss of a ship and/or cargo.
The Policy provides cover for:
- The accidental loss or damage to ships such as cargo vessels, fishing vessels and pleasure boats.
- The loss, theft or damage to cargo whilst being imported or exported by sea or through water ways such as rivers and lakes.
Marine Cargo Insurance:
Marine Cargo Insurance policy offers protection against loss, theft or damage to goods/property conveyed by sea and waterways such as rivers, lakes and canals, as well as personal effects carried by air.
The Marine Cargo Insurance Policy may not only be taken to cover imports and export of cargo from warehouse to warehouse but may also cover shipments of goods and personal effects transported by air. The Marine policies are grouped as follows:-
Marine Open Cover Policies
Marine Cargo General: this is an automatic cover issued to clients who do frequent Imports and Exports of consignment by Sea, air and Inland transit. The areas of risk covered include ICC ‘A’ (all risk), ‘B’ and ‘C’ with war and strikes risk (except those specifically excluded in the respective clauses).
Individual Marine and Cargo Policies
Some Clients may prefer to take specific policies insuring particular marine items. As a result we do provide specialized customized policies to meet varying demands. A few are listed below
- Marine Cargo General
All import, export or transit cargo over a fixed period of time and might be for a particular cargo.
- Marine Cargo- Exports
This policy covers transit and export cargo over a fixed period for a particular cargo.
- Marine Certificate Policies
This provides certificates for the policies listed below:-
Marine Cargo General and Marine Cargo- Exports
Marine Hull and Machinery Insurance:
The policy specifically covers loss or damage to:
- Hull and Machinery of the ship or vessel
- The legal liabilities of the ship owners on the high seas. This includes collision and negligence of the master and crew.
Marine Liability Policies
The Marine Liability policies include:
- Ship Repairers Legal Liability Policy:
This Marine policy is designed to cover loss of or damage to vessels under the care, custody or control of Ship Repairers. The cover extends to loss of or damage to machinery or equipment of any vessel whilst such machinery or equipment is removed from such vessel during repairs.
- Stevedoring, Shore Handling and Removal of Wreck Liability Policies:
These policies are designed to meet liabilities that may arise from loss of or damage to third party property that’s cargo and vessel due to Stevedoring and Shore Handling Operations. Stevedoring Operation involves the loading and unloading of vessels and Shore Handling Operations on the other hand involves the movement of cargo from quay to port warehouse.
Shore Handling Operations commence where Stevedoring Operations end in the case of imports and stops where stevedoring operations commence in the case of exports.
The policies also cover death or bodily injury to third parties arising from stevedoring/shore handling operations.
Plant and machinery not owned but hired to the operator(s) are covered as well