aegisinsurance

Menu
Menu
Login

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 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 insurance ensures that your goods are protected from any and all accidental 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

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. For full settlement, please ensure:
  •  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.
  • Inappropriate packing: If the loss or breakage 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.
  • 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.
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 insurance you choose.

    Get in touch with our support team to learn more.

    At Aegis insurance brokers, we bridge the gap between uncertainty and security. Here our team works diligently to understand your specific needs, providing tailored policies. Our mission is to provide you with the clarity and coverage needed to face the future with total confidence, ensuring your legacy remains unshakable.