Brief Description
Hull insurance policy covers accidental physical damage to the vessel caused by collision, theft, sinking
and other perils. Hull insurance also covers the lifeboats, rafts, stores, supplies, furniture, electrical
machinery, boilers, motors, generator, and all physical equipment needed to operate the ship.
What It Covers ?
Mainly the policy insures against the following perils:
- Destruction of hull
- Damage to machinery
- Disbursement losses
- Ship-breaking losses
- Fittings and freight
- Outboard motor dropping off
- Liabilities to and from water skiers
- Personal effects
- Other machinery onboard (Motors & Connections)
- Medical expenses
This policy does not cover:
- Wilful misconduct on the part of master or crew;
- Loss caused by delay, including delay caused by an insured peril;
- Ordinary wear and tear;
- Inherent vice;
- Lack of due diligence of assured or managers.
- Atomic or nucler weapons of war
- Consequnetial Loss
- Normal Wear and Tear and Rust
- Radioactive Contamination
- Unexplained or Mysteroius
- Disappearances
- Terrorism
The coverage is usually provided for a period of one year.
The sum insured may be either on the basis of the actual value or the new replacement value of the property.
The open waters can pose as a huge threat to your vessel and cargo. Financially this could cause some trouble. Marine
insurance is specifically designed to ensure your finances and assets are protected against such threats.
Premium rates depend on:
- Value of the vessel
- Age
- Construction
- Type of vessel
- Navigation area
- Purpose of usage
- Experience of the crew
- Industry experience
- Previous loss history
- Extensions opted for
Brief Description
Marine Cargo Insurance provides protection for goods being transported by ocean, air or land (rail or road) or in any combination
thereof; covering you for physical loss or damage that results from an insured peril.
Marine cargo insurance policies are transferrable because during transportation, ownership of the goods may change from one person to another.
Any person who has an insurable interest in a shipment, and who would suffer a financial loss should the cargo be damaged or destroyed, or
would benefit from the safe arrival of the cargo, has a need for Marine Cargo Insurance.
What It Covers ?
Coverage is subject to Institute Cargo Clauses A, B, & C, as well as Inland Transit clauses which cover risks during transportation over land.
There are some other specialized covers for specific commodities, which are tailored to the specific trade.
ICC (A) Cargo clause provides a comprehensive all risk cover for partial or total loss of cargo from insured perils.
ICC (B) Cargo clause covers
Partial or total loss of cargo caused due to accidental damage to the sea, air or land carrying vessel.Damage to cargo from lightning,
earthquakes, volcanic eruptions, washing overboard and entry of sea / lake / river water into the vessel.
Total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel.
ICC (C) Cargo clause provides a very basic cover for partial or total loss of cargo caused due to an accidental damage to the sea, air
or land carrying vessel.
- Coverage for Strike, Riots and Civil Commotion
- War risk
This policy does not cover:
- Mysterious disappearance
- Unexplained losses
- All standard clauses have specific exclusions.
Marine insurance plan is to ensure complete protection and limited liability against the following;
- Theft of onboard cargo
- Mistakes in transportation (inappropriate handling)
- Accident while in convey (sinking or overturning)
- Variations in temperature causing complications
- Collision
- Cargo liabilities
- Labor and legal costs
Voyage Policy: which is valid for a particular voyage.
Time Policy:valid for a specified time period – generally valid for a year
The value of the item insured is the agreed value which in most cases will be CIF (carriage insurance & freight)
and/or C&F (cost & freight) plus 10% or FOB (free on board) plus 10% to 20%.
Premium rates are based on:
- Type of cover
- Nature of the goods
- Type of packing
- Value of the goods
- Mode of transport
- Geographical area involved
- Policy deductible