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Whether you have got a small private boat or running a fleet of ships, we have the right insurance packages for you!
The purpose of marine insurance is to provide an indemnity to ship and cargo owners against fortuitous loss and liability arising out of risks associated with a “marine adventure”.
This class of insurance provides compensation to the cargo owner in the event of loss of or damage to the cargo whilst in transit between one country and another either by sea or by air. Marine cargo insurance is written under the Institute Cargo Clauses terms (ICC).
- Marine Cargo Clause “A” - This provides all risks coverage including breakages, damages, shortages etc, loss of or damage to the subject matter insured, subject to specified exclusions. This clause therefore provides the widest cover possible for marine cargo.
- Marine Cargo Clause “C” - This cover provides the least coverage within the marine insurance cover. The clause does not cover claims for partial losses whatsoever, as it covers goods to be carried on total loss basis only. Institute Cargo Clause “C” is otherwise known as Free from Particular Average i.e. F.P.A. (partial loss). It covers specific perils such as:
- Earthquake, volcanic eruption or lightning;
- Entry of sea, lake or river water into the vessel, craft, hold conveyance, container, lift van or place of storage;
- Total loss of any package lost overboard or dropped whilst loading into or unloading from a vessel or craft;
- Washing overboard of cargo.
Marine Hull Insurance - This class of insurance seeks to provide indemnity for the vessel owners in the event of loss of or damage to the vessel. It covers the Hull (the ship or vessel), Machinery and Equipment. Thus, it is sometimes referred to as Hull and Machinery Insurance.