Our products are customized to cover the loss or damage of vessels, terminals and cargo transferred, acquired, or held between the point of origin and the final destination.
Marine insurance covers the loss or damage of ships, cargos, terminals, and any transport by which the property is transferred or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance; though Marine insurance also includes but not limited to Hull. The marine insurance department issues various polices to cover:
- The hull i.e. The vessel itself.
- The cargo i.e. What the vessel is carrying.
- The freight i.e. The sum paid for transporting goods or for the hire of the ship.
- Liability towards third parties (Marine Casualty/ Marine Liability).
What is Marine Cargo insurance?
Marine cargo Insurance is the insurance of property as it moves from place to place. From the factory, to the final destination, transporting your goods will be worry free, with a Marine Cargo policy. Whether your cargo is travelling by air, sea or overland, a Marine Cargo policy covers against the many risks of loss or damage. So, if a loss is incurred, you will be fully compensated according to the terms of the policy.With the rapid expansion of global and domestic trade, the business of moving cargo today is becoming increasingly complex. Protect your shipments against the uncertainties that can arise, wherever in the World they may be.
Our marine cargo insurance provides cover for virtually every type of commodity, destination and mode of transportation. We recognize that the nature of your business is unique and we offer you flexibility in creating cover that fits your needs.Under cargo section we can provide covers for different risks such as:
- Single Transit Cargo Policy
- Open Cargo Policy
- Project Cargos
- Stock through puts (STP)
- Haulier’s Liability
- Freight Forwarders Liability
Marine Hull insurance is an insurance policy especially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Hull insurance can be understood like a car insurance, with a difference of being for a water faring vehicle instead of land. Marine Hull insurance also includes any fixtures attached to the hull of the ship as a functional part, into the definition of hull. Since the policy mostly applies to water going vessels, it is more popularly called Marine Hull Insurance, and is a part of marine insurance.It covers all types of vessels operating into the oceans, lakes, or rivers like bulk carriers, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs. The policy plays an important role by helping boat owners to secure their vehicles against machinery damage and destruction of hull, fittings, liabilities, etc.Mainly the policy insures against the following perils:
- Destruction of hull
- Damage to machinery
- Disbursement losses
- Ship-breaking losses
- Fittings and freight
Hull insurance policies can also include third party liability such as cover for losses or damages caused by your vessels to other ships or boats, or injury to the ship workers.We provide various types of covers for Hull from which you can choose or you can request. Our list includes the following:
- Hull and Machinery
- Protection and Indemnity (P&I)
- Charterer’s Liability Insurance
- Crew Personnel Accident (PA) Cover
- Hull and Machinery – War & Strikes Risks
- Ship Repairer’s Liability
- Port Authorities and Terminal Operators
Marine Hull – Pleasure Craft
Yacht insurance is an insurance policy that provides indemnity & liability coverage on pleasure boats. Yacht insurance includes liability for bodily injury or damage to the property of others and damage to personal property on the boat. This Insurance policy covers Pleasure craft, Motorboats, Jet Skis, Yacht, Sailing boats or other similar properties. Whether used for private pleasure or for commercial pleasure and recreational purpose.