Marin Insurance

Marin insurance

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Marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.

Who can Insure ?

Buyers, Sellers, Import/Export merchants, Buying Agents, Contractors and Banks-in fact any one engaged in the business of movement of goods.During the course of transit, the cargo may not always be at your risk. For instance, you can sell it to a buyer. Marine Cargo Policies cover your interest in the cargo insured and also extends to cover the interests of any third party to whom you have assigned interest upon transfer of ownership, as determined by the Terms of Sale.

What is Insured ?

  • export and import shipments
  • goods in transit by rail sea road air or post
  • goods carried by coastal vessels plying between the various ports within the country
  • cargo transported by small vessels or country craft over inland waters
  • goods moved from place to place by river transport

Responsibility for Arranging Insurance

Who arranges insurance-the buyer or the seller? Or do both need some protection?The answer depends on the Sale Contract the two enter into. For each Sale Term such as FOB, CFR,DDP, DDU etc., we have tailor-made policies for both the seller and the buyer respectively.

Marine Cargo Coverage

Marine Cargo policies are based on Institute Cargo Clauses, that appear in three versions for export/import cargos viz., ICC (A), ICC (B) and ICC(C).ICC (A) is based on All Risks basis while (B) and (C) are named-perils policy.All three clauses have certain exclusions.

Similarly for the Inland cargo movements, the marine clauses are ITC-A , ITC-B ITC-C

What the Institute Cargo Clauses Cover

Marine Cargo Policies coverage’s are as

    • Actual Total Loss
    • Constructive Total Loss
    • Particular Average i.e., Partial Loss by an insured peril
    • General Average
    • Collision Liability
    • Expenses such as Survey Fees, Reconditioning Costs, Forwarding Expenses, Sue and Labour etc.

Principal exclusions, which appear in the Institute Cargo Clauses are  

  • Loss or damage due to Inherent Vice
  • Loss or damage due to Delay
  • Loss or damage due to Insufficiency of packing
  • Loss or damage due to insolvency, financial default of ship owners, etc.
  • We have dedicated products that considerably widen the scope of cover offered by the Institute Clauses.

Marine hull insurance is an insurance policy that is specifically designed to cover ship damage expenses .

The hull refers to the main body of the ship/vessel . it also comprises the any fixtures /operational part including the engine attached to the main body.

Marine Hull Insurance Coverage

For all operational vessels, hull and machinery insurance is one of the most extensively required forms of marine insurance policies.

The major risks that are covered under hull and machinery insurance include the following. Also note that they are not limited to the following:

  • Damages to hull, machinery and equipment onboard the vessel.
  • Salvage and applicable charges.
  • Dry docking expenses.
  • Disbursement losses.
  • Costs for marine surveys to assess damage of potential damage.
  • Costs for collision defense and attacks.
  • Legal costs and labor costs.
  • Total loss in terms of actual or constructive loss of the vessel.
  • Ship-breaking losses.
  • Fittings and freight.

Marine hull insurance policies can also comprise third party liability .it can cover the damages or losses caused by your vessels to other boats or ships, or injury to the ship workers.

What is not Insured ?

The policy does not pay any loss/damage caused by attributable to due to

  • Deliberate damage/destruction of the vessel by wrongful act of any person
  • Use of any weapon of war employing atomic / nuclear fission and or fusion
  • Insolvency or financial default of the vessel owner / operators / charterers.
  • War / civil war Strike Riot or Civil Commotion.
  • Any terrorist or person/s acting with political motive.

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