Navigate the seas of uncertainty with confidence—safeguard your cargo and vessels with marine insurance.
Marine Insurance
Marine insurance is designed to cover the various risks associated with the transportation of goods and vessels across water. It includes several key types of coverage: Cargo Insurance protects goods during transit against losses or damages from perils like storms, theft, and accidents; Hull Insurance covers physical damage to the ship itself from incidents such as collisions or weather-related events; and Liability Insurance addresses legal liabilities arising from damage caused to third parties or their property by the vessel. Additionally, Freight Insurance covers the cost of freight charges in case of loss or damage, while War Risk Insurance protects against losses from war-related events.
This specialized insurance is essential for businesses involved in international shipping and trade, as it helps mitigate financial risks and ensures protection against a wide range of maritime-related hazards. By covering both the physical assets and potential legal liabilities, marine insurance provides comprehensive protection for those engaged in maritime operations.
Our Marine Insurance Plans
Benefits of Marine Insurance
Facilitates Global Trade
Supports international trade by ensuring that goods and vessels involved in global shipping are covered.
Customizable Insurance Options
Allows for tailored insurance policies that meet specific needs, including single voyages, multimodal transport, and ongoing operations.
Mitigation of Operational Risks
Helps manage the risks associated with maritime operations, reducing potential disruptions to business activities.
Legal Liability Coverage
Offers protection for legal liabilities arising from damage caused to third parties or their property by the vessel.
Why do you need Marine Insurance?
Whose needs Marine Insurance cover?
What does Marine Insurance cover & exclude?
| Coverage | Description | Exclusions | Description |
|---|---|---|---|
|
Cargo Insurance |
Covers loss or damage to goods during transit by sea or air. |
Damage due to Poor Packing |
Damage resulting from improper or inadequate packing. |
|
Hull Insurance |
Covers physical damage to the ship or vessel itself. |
Wear and Tear |
Damage due to regular wear and tear or lack of maintenance. |
|
Liability Insurance |
Protects against legal liabilities for third-party damage or injuries caused by the vessel. |
War Risks |
Losses due to war, terrorism, or piracy might need separate coverage. |
|
Freight Insurance |
Covers the cost of freight charges if goods are lost or damaged. |
Delay Costs |
Costs related to delays, unless specifically included. |
|
War Risk Insurance |
Covers losses due to war, piracy, or terrorism. |
General Average |
Losses shared among cargo owners in case of an emergency might not be covered. |
|
Multimodal Transport Insurance |
Covers goods transported by multiple modes (sea, land, air). |
Regulatory Fines |
Fines or penalties imposed by authorities are not covered. |
|
Transit Insurance Online |
Provides coverage for goods during transit purchased online. |
Fraud or Misrepresentation |
Losses due to fraudulent activities or misrepresentation are excluded. |
When can you Claim Marine Insurance?
You can claim marine insurance under the following circumstances:
- Damage to Cargo: When goods are lost, damaged, or destroyed during transit by sea, air, or land.
- Damage to Vessel: If the ship or vessel suffers physical damage due to accidents, collisions, or weather-related incidents.
- Liability Claims: When you face legal claims for damages caused to third parties or their property by the vessel.
- Theft or Piracy: If cargo or vessels are stolen or attacked by pirates.
- Loss of Freight Costs: When freight charges are incurred for goods that are lost or damaged during transit.
- Delay Claims: When financial losses arise from delays in the transportation of goods, if covered by the policy.
- War Risks: If the loss or damage is due to war, terrorism, or related perils, provided you have specific coverage for these risks.
In each case, it’s important to notify your insurer promptly, provide necessary documentation, and follow the claims process outlined in your policy.
FAQ'S
General Average is a principle in marine insurance where all cargo owners share the costs of loss or damage incurred when a voluntary sacrifice of part of the ship or cargo is made to save the vessel in an emergency.
For partial losses, the insurance covers the cost of the actual damage to goods or vessels based on the policy terms, typically after a surveyor assesses the extent of the loss.
Yes, Multimodal Transport Insurance provides coverage for goods transported across multiple modes (sea, air, road, rail) under a single policy, from the point of origin to the final destination.
Yes, a specific voyage policy can be purchased for one-time coverage of a single shipment or voyage, offering protection only for the specified trip.
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