Marine Insurance
Marine Insurance safeguards you and your organisation from loss or damage occurring to goods in transit, or the vehicle itself, by waterways, airways or by land. It ensures secure trade operations by protecting cargo, vessels, and associated liabilities from unforeseen risks. Marine insurance is classsified into two, Marine Cargo Insurance and Marine Hull Insurance.
Marine Cargo Insurance
Whether transported by sea, air, railroad inland waterways, Cargo is exposed to multiple perils, including vehicle collisions and natural calamities, Marine Cargo tnsures that your goods are protected from any and all accdental damages. Additionally, comprehensive coverage can even safeguard your goods from theft.
Marine Hull Insurance
Marine hull insurance specifically addresses the physical integrity and operational quality of the vessel itself rather than the goods it carries. This coverage is ideal for ship owners and operators as it protects the ship’s structure and its internal machinery from the perils of the sea.
FAQs
when is a policyholder eligible for a full claim settlement under a marine insurance policy
For marine hull, the claim is settled based on the agreed value fixed at the start of the policy and for cargo it is settled based on the formula.
Accurate Documentation – Ensure all documentation is accurate and up to date, including policy, bill of lading, and invoices.
Risk Mitigation – Implement strategies like proper packaging, route planning, and contingency measures
proximate cause- the loss must be directly caused by a peril of the sea or policy covered accident.
comprehensive policy-ensure necessary add Ons are included in the policy like; inland transit, war& SRCC ,pollution liability etc.
under what conditions will a marine insurance claim be rejected?
inappropriate packing- if the loss or brakeage is attributed to inadequate or improper packing for the intended journey, the claim shall be denied.
wilful misconduct- any loss caused by the intentional or negligent act of the insured results in immediate rejection.
change of voyage- if the ship deviates from the specified route or changes its destination with
insolvency of carriers- losses arsing from the financial failure or insolvency of the shipowners are excluded in the marine insurance policy clauses.
general exclusions- inherent vice, nuclear risks, customs rejection etc.
does the marine insurance policy cover consequential losses?
The marine insurance policy generally covers the physical loss or damage to the insured goods or vessel caused by insured peril. Thus it will not cover the consequential losses but shall be covered if the necessary add ons are included in the policy , depending on the specific terms and conditions of the insured you choose.
Get in touch with our support team to learn more.
At Aegis, we are committed to excellence and delivering the best to our clients. We have made sure that our clients received outstanding service ever since we opened our doors in 2019, and we continue to do so.