.png){kind=small}
Marine Insurance provides coverage for loss or damage to ships, cargo, terminals, and any transport by which goods are transferred, acquired, or held between points of origin and final destination. It's a critical safeguard for businesses involved in international and domestic trade, ensuring that the risks of marine activities are mitigated.
What is Typically Covered:
Cargo Insurance: Covers loss or damage to goods during shipment, whether by sea, air, or land.
Hull Insurance: Protects against physical damage to the ship or vessel.
Marine Liability Insurance: Covers the insured's liability for property damage or bodily injury claims related to ... maritime operations.
Freight Insurance: Ensures that the loss of freight revenue is covered if goods are lost or damaged and cannot be delivered.
Protection and Indemnity (P&I): Provides comprehensive liability coverage for shipowners, including third-party liabilities and expenses arising from owning or operating a vessel.
What is Not Typically Covered:
Deliberate Damage: Intentional damage caused by the ... policyholder or crew is not covered.
Wear and Tear: The natural deterioration of the ship or cargo over time is not included.
Improper Packing: Losses resulting from inadequate packing of goods are typically excluded.
Financial Default: Losses due to the financial default of the shipper or carrier are generally not covered.
War and Strikes: Risks associated with war, strikes, riots, and civil commotions may require additional coverage.
The Broad Risk Difference
î•¡
"You First" Principle
Your business comes first. We align our services with your values and needs, providing expert advice and insurance protection that allows you to focus on what matters most—growing your business with peace of mind.
ï”…
Accountability
We take full responsibility for the services and recommendations we provide. Every action is designed to deliver results, fostering trusted, long-term relationships with our clients. Your satisfaction and security are at the forefront of everything we do.
ï–¢
Expert Solutions
With over 15 years of experience, we specialise in delivering tailored advice and solutions to protect your business. We customise our offerings to your unique needs, ensuring comprehensive coverage and peace of mind.
Frequently Asked Questions
1. What types of vessels can be insured under Marine Insurance?
Marine Insurance can cover a wide range of vessels, from large cargo ships to small fishing boats, and even personal yachts.
2. Is Marine Insurance required by law?
While not always legally required, it is highly recommended for anyone involved in maritime trade, as the financial risks can be significant.
3. How is the cost of Marine Insurance determined?
The cost is based on factors such as the value of the ship and cargo, the route taken, the ship's age and condition, and the experience of the crew.
4. Can Marine Insurance cover shipments by air or road?
Yes, Marine Insurance policies can be extended to cover goods transported by other methods, often referred to as "inland marine insurance" or "transit insurance."
5. What should I do if my cargo is damaged during transit?
You should immediately notify your insurance provider and provide all necessary documentation for the claims process.