About Marine Insurance

A marine policy covers either the Cargo or the Hull. Marine Cargo policy indemnifies the insured for accidental damage or loss to the insured property (cargo) as a result of insured perils such as storm, jettison, fire, seawater damage, etc.

Marine Cargo

Loss of or damage to goods arising out of maritime disaster. The policy may also be extended to cover loses arising from road conveyance from the warehouse of the exporter to the port and / or from the port to the warehouse of the importer. Depending on the terms of sale, loss of freight and cost of insurance may also be insured by either the exporter or the importer.

Marine Hull

Loss or damage to the hull and machinery of shipping or fishing vessels, Travelers, Barges and River crafts on the lakes. It also covers costs incurred on steps taken to reduce loss after incidents, which may lead to a claim (sue and labour). Vessels under construction, repairs can also be insured.