Marine Insurance
Goods you bring in from abroad through sea are covered, from dispatch at the country of origin to your doorstep. When your package arrives at the port, it’s still covered to the point of specification, transported through air, road or rail.
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Some value-adds for you:
- Your cargo is covered from the moment of dispatch to your point of collection
- Cover is on all points of transit, from marine to road, air and rail
What you get with this cover
The types of Marine Policies available:
Exclusions
The types of Marine Policies available:
- Marine Open Cover Insurance – Cargo type is only declared on first cover. The policy remains open for subsequent shipments until the cover limit is exhausted.
- Marine Time on Risk Insurance – this covers your goods on short period basis, for the time specified for cargo to reach its destination.
- Marine Voyage Cover Insurance – Good are covered dependent on their value and risk, irrespective of time taken in transit.
- Marine Mixed Cover Insurance – It combines the Open Cover and Time on Risk Insurance. It specifies the voyage and period of time. There can be more than one insurable interest on one particular property at risk in different persons at the same time. The following factors are considered: –
- The name of the proposer and their occupation.
- Type and nature of the cargo
- Mode of packaging
- Voyage including transshipment (change of mode of transportation)
- Mode of transportation e.g., air, sea or road
- Date of sail and estimated dates of arrival
- Claims experience
Exclusions
- Loss attributed to willful misconduct of the assured
- Ordinary leakage or loss in weight from wear and tear
- Loss arising from insufficient packing
- Loss caused by inherent vice of nature of goods
- Loss caused by delay
- Loss arising from financial default of the owners, managers, chatterers or operators of the vessel
- Damages or liabilities arising from nuclear events or nuclear-related risks.
- Loss caused by the vessel’s lack of seaworthiness, known to the insured or their employees.