Services  >  Corporate Insurance  >  Marine

Marine INSURANCE

What it is?

Hull Insurance:
Insures the physical damage to the Hull and Machinery on the vessel due to perils of the sea, collision, fire, sinking, stranding, theft and piracy. Policy includes Protection & Indemnity and Third Party liabilities. Coverage can be arranged on a fleet basis for a fleet of vessels

Cargo Insurance:

  • Coverage of cargo during transit from port to port including inland transit, can be arranged under the Marine Cargo insurance policy
  • Cargo loss or damage is covered against perils of the sea, fire, collision , sinking, stranding, theft, pilferage and piracy


Builders Risk Insurance

  • Marine Construction and Repair . It covers the vessel under construction from keel to final handover under a Builder Risk policy , which covers physical damage to the vessel whilst undergoing construction or repair .
  • It covers the launching and sea trials after the vesselís construction and repairs completion
  • Covers liabilities to the public at large arising from the construction or repair of the vessel .



What It Covers?

Marine Hull
An Insurance policy that provides coverage for the ship / boat / pleasure craft. Marine Hull insurance covers the ship's hull and machinery. Policies can be arranged for all types of vessel, from very large tankers, Passenger Cruisers down to pleasure crafts.

Protection & Indemnity
This is the third party liability protection for the ship-owner due to a collision or accident at sea. It includes liability for injury to crew members or damage or loss of the cargoes being carried.

Marine Cargo
Despite the name of this insurance, the cargo does not have to be on water; it can also be on land (inland transit risk) or transported by air. Coverage is against damage, loss or shortage to the goods being carried during the ordinary course of the transit including limited period of storage.

Cover can be arranged on an ĎAll Risksí basis which includes damage due to collision or overturning of land conveyances, fire or sinking of vessels and losses of cargo due to theft or pilferage

Coverage is against damage or loss or shortage to the goods being carried during the course of the transit, and this can also be extended to include storage risks. Many cargoes, once they reach their destination, need to be stored for a short time somewhere, maybe a warehouse, and this risk can also be covered under a cargo policy.

Builder Risks
Provides coverage to shipyard owners for vessels in the course of construction. It also include sea trials of the vessels before launching or commissioning. There are occasions whereby defects warranty coverage is also provided.