Our Marine Insurance covers the loss or damage to cargo and ships. They are mainly classified into two, which is marine cargo and marine hull. This policy may also be taken to cover air cargo and other types of freight.
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Our Marine Cargo Insurance provides insurance for goods you may ship from one place to another, anywhere in the world. The policy is usually effected on a “per voyage” basis i.e., from the time the goods leave the premises of the seller until the time they finally arrive at the buyer’s premises. It can either be effected by the buyer or the seller depending on the contract of sales be it FOB, C&F or CIF.
We can arrange an Individual Cover for each and every shipment or an Open Cover which is a continuous policy providing automatic cover for all shipment described in the policy.
Our Marine Cargo Policy covers varied risks such as shipment by sea, by air, inland transits and adopts the Institute Cargo Clauses A, B, C amongst others in providing you with robust and tailored cargo insurance in respect of all goods imported/exported in or out of the country.
This policy covers loss or damage to hull and machinery to the carrying vessel, machinery and third party liability flowing from the perils of the sea or any other navigable waters. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator.
Various vessels that can be insured under our Marine Hull policy ranging from Fishing Vessels, Passenger Vessels, Cargo Vessels through to Yacht and Boats. The policy could be taken for a specific voyage (Voyage Policy) or for a specified period, normally 12 months (Time Policy) and the Institute Time Clauses (Time, FPA and Total Loss Only) and be adopted amongst others depending on the nature and degree of the risk. Our policy covers both the hull as well as the machinery.
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