MARINE
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Types of Marine Insurance:
• MARINE CARGO INSURANCE
Marine cargo insurance policy 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.
• MARINE HULL INSURANCE
Marine Hull Insurance policy covers loss or damage to hull and machinery. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator.
• AIR CARGO INSURANCE
A type of insurance policy that protects a buyer or seller of goods being transported through the air. Air cargo insurance is designed to protect the insured against items damaged, destroyed or lost.
Institute Cargo Clauses (A)
Covers all risks of loss of or damage to the cargo.
Institute Cargo Clauses (B)
Covers loss of or damage caused by the following perils:
- fire or explosion
- vessel or craft being stranded, grounded, sunk or capsized
- overturning or derailment of land conveyance
- collision or contact of vessel, craft or conveyance with any external object other than water
- discharge of cargo at a port of distress
- earthquake, volcanic eruption and lightning
- general average sacrifice
- jettison or washing overboard
- entry of sea, lake or river water into the vessel craft conveyance container or place of storage
- total loss of any package overboard or dropped whilst loading on to, or unloading from vessel or craft.
Institute Cargo Clauses (C)
Covers the following named perils:
- fire or explosion
- vessel or craft being stranded, grounded, sunk or capsized
- overturning or derailment of land conveyance
- collision or contact of vessel craft or conveyance with any external object other than water
- discharge of cargo at a port of distress
- general average sacrifice
- jettison