Marine Cargo, Hull & Aviation

MARINE CARGO

Marine Cargo Insurance is international in nature. It covers loss or damage to goods in transit from one specific point of discharge to the other specific point of discharge; by air, sea, rail or road.

The risk attaches from the time goods leave consignor’s warehouse as named in the policy and continues during the ordinary course of the voyage up to the consignee’s warehouse. The cover terminates either:-

1. On delivery to the consignee or final storage at the destination named in the policy, or
2. On the expiry of sixty days on arrival of the vessel at the final port of discharge in respect of transits by sea and thirty days for air transits, whichever occurs first.

It is possible to get temporary storage cover for a maximum of three months in case for some reason the consignment is delayed to reach the final destination.

Coverage is meant for transportation of goods or items by air, sea, rail or road. It can range from and All Risks to specific named perils against accidental damage to the cargo including fire, theft, sinking, capsizing or being grounded.

Either single voyage policies or annual policies can be arranged.

HULL

This policy protects you against any liability in case of any accidents in transit and perils as a result of sea navigation. It provides cover against physical damage to vessels or ships including collision and third party as well as attendant liabilities to ships, boats, yachts and other vessels. The cover includes the machinery, tools, fuel, fittings and even the furniture in the ship.

This insurance is also available for sea going vessels mainly for leisure, pleasure or domestic use. Covers will protect against damage, loss or theft of the boat while at use or leisure.

The sum insured is the market value of the hull to either repair or replacement in the event of total loss. Cover may also extend to include the engine, contents on the boat, and against legal liabilities in view of ownership or operations.

AVIATION

This policy provides cover against the risks associated with aircraft operations. It covers losses such as:

• Hull risks-damages/losses on the aircraft itself
• Passenger liability for the passengers in an aircraft
• Third Party liability for both property damage and bodily injury against third parties

War risks as special extensions for losses that result from war and related occurrences.