Marine Insurance
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Moving goods by water comes with its own risks. This cover is designed to protect your cargo and vessels, offering peace of mind from departure to delivery.
? MARINE HULL INSURANCE
Marine Hull Insurance provides cover against loss of or damage to vessels caused by accidents and other risks encountered at sea, helping owners manage unexpected losses.
Key Features- Comprehensive protection against damage or loss arising from the perils of the sea or voyage
- Covers physical damage to the vessel’s hull, machinery, and essential components
- Includes third-party liability protection through Protection & Indemnity (P&I) coverage
- Offers specialized extensions to address war-related risks, strikes, riots, and civil commotion (SRCC)
- Provides Laid-Up Cover for vessels temporarily out of operation
- Voyage Insurance available for vessels undertaking specific journeys
- Compensation for loss of income when the vessel is unable to operate due to insured damage
- Hull & Machinery
- Protection & Indemnity (P&I)
- War Risk & SRCC
- Laid-Up Cover
- Voyage Insurance
- Loss of Hire
- Protects vessel owners from substantial financial losses caused by maritime risks
- Ensures uninterrupted operations through compensation for downtime or loss of hire
- Covers both physical damage and third-party liabilities, providing complete peace of mind
- Flexible cover options suitable for a wide range of vessel types and operational needs
- Strengthens long-term operational resilience within the maritime environment
- Designed for shipowners, vessel operators, maritime companies, and marine logistics businesses
- Suitable for cargo vessels, fishing boats, tankers, tugboats, barges, offshore support vessels, and other marine craft
- Ideal for organizations seeking reliable protection from the uncertainties of sea voyages and maritime operations
? MARINE CARGO INSURANCE
This provides financial protection against loss or damage to goods transported by sea. While Goods-in-Transit Insurance covers items moved by road or rail, Marine Cargo Insurance extends protection to goods shipped both internationally and domestically via marine routes. Cover can be arranged on a single transit basis or as an open cover, depending on the frequency of shipments.
Key FeaturesCargo Insurance offers two main cover options:
- Clause A – All Risks Cover
- Clause C – Restricted Cover
Provides broad protection against accidental physical loss or damage, including:
- Fire or explosion
- Vessel or craft being stranded, grounded, sunk, or capsized
- Overturning or derailment of land conveyance
- Collision of vessel, craft, or conveyance with an external object
- Discharge of cargo at a port of distress
- Earthquake, volcanic eruption, and lightning
- General average (sacrifice, expenses, and contribution) and salvage charges
- Jettison or washing overboard
- Sea, lake, or river water damage
- Total loss of packages lost overboard or during loading/unloading
- Piracy
- Deliberate damage or destruction caused by malicious acts, vandalism, sabotage, arson, or scuttling
Extra charges incurred from:
- Termination of voyage at an intermediate port
- Charges for averting or minimizing loss
Accidental damage due to:
- Shifting during heavy weather
- Improper handling or storage
- Breakage, leakage, denting, scratching, crushing, crumpling, or chipping
- Contact with other cargo
- Theft, pilferage, or non-delivery
(All losses must be accidental in nature.)
Clause C – Restricted CoverProvides essential protection against major marine risks, including:
- Fire or explosion
- Vessel or craft being stranded, sunk, or capsized
- Overturning or derailment of land conveyance
- Collision
- Discharge of cargo at a port of distress
- General average
- Protects the value of goods shipped by sea against a wide range of accidental risks
- Reduces financial exposure for importers, exporters, manufacturers, and traders
- Ensures business continuity by covering losses that may arise during marine transit
- Supports smooth logistics operations through optional open-cover arrangements
- Importers and exporters
- Manufacturers transporting raw materials or finished goods
- Freight forwarders and logistics providers
- Businesses that ship goods frequently and need comprehensive marine protection
