Marine
Marine Hull insurance covers nearly everything that floats and moves, starting with rowing boat to huge ocean going tankers. Besides that, hull underwriters will not hesitate to insure non-propelled objects, which may occasionally move such as floating docks, buoys, transshipment barges and even floating hotels. Furthermore we can say that vessels under conversion or construction are also dealt with by marine hull underwriters.

Here are outlines the most widely known insurance covers, which ship-owners are considering to have:

  • Hull & Machinery (H&M)
  • Disbursements, Freight, Increased Value (IV)
  • Loss of Hire (LOH)
  • Mortgagees' Interest Insurance (MII)
  • Builders' Risks
This insurance, usually referred to as "P&I," provides cover to ship-owners, operators, and charterers for third-party liabilities encountered in the commercial operation of entered vessels. The main risks covered are liabilities, expenses, and costs for:

  • Loss of life, injury and illness of crew, passengers and other persons
  • Cargo loss, shortage or damage
  • Collision
  • Damage to docks, buoys and other fixed and floating objects
  • Wreck removal
  • Pollution
  • Fines and penalties
  • Mutiny and misconduct by crew
  • Crew repatriation and substitution
  • Damage to property on board the insured vessel
  • Quarantine
  • Vessel Diversion Expenses
  • Unrecoverable General Average contributions
  • Vessel's proportion of General Average
The Marine Stock Throughput Insurance Program is an all-inclusive Policy covering goods from the time an Assured assumes an interest in the goods until their interest ceases. "This insurance hereunder attaches from the time the subject matter becomes at the Assured's risk or the Assured assumes interest and continues while the subject matter is in Transit and / or in Store, on Exhibition or elsewhere, including while held as Stock and / or at the Assured's Stores and / or Outlets and / or in Consolidation / Deconsolidation Points and / or Processing. Assembly, Renovation and Repair whether or not in the due course of transit." "Cradle to Grave Coverage": This would include ocean transits (air or vessel), inland transits, at processors, at warehousing, at exhibitions or trade shows, and at retail locations.
It is a policy that provides you with indemnity & financial protection for loss of or damage to your cargo during transit. This constitutes of goods in transit by Sea, air and land as provided in the Institute Cargo Clause, It is ideal for Importers/exporters, Logistic companies on behalf of their customers, Freight forwarders on behalf of their customers manufacturers, other buyers and sellers engaged in international and/or local trade.

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