Marine Hull Insurance
The marine peril is the risk arising out of or connected with the marine navigation, i.e. the sea represents the cause of damage or it may arise of navigational difficulties encountered. Our marine hull insurance policy covers the sea perils such as drowning, grounding, stranding and collision due to bad weather situations in sea. The policy also covers perils occurring in sea whether during the voyage or not like fire, explosion, theft, piracy, capture and confiscation.
The Pricing of marine insurance (hull) is determined on the basis of many factors. The most important ones are represented in the nature of perils covered as to their type and size, limit of cover, period of insurance, value of the vessel and the extent of its seaworthiness determined by the international classification societies.
Marine Cargo Insurance
Marine Insurance is compulsory for importers bringing in consignment from overseas. Marine Cargo Certificates are issued to cover such transactions:
The following covers available are shown below:
A. Institute Cargo Clauses ‘A’
This is an ‘All Risks’ Cover. As the name implies, it protects you against all aspects of losses arising from Maritime Perils unless specifically excluded in the policy.
B. Institute Cargo Clause ‘C’
This is an F.P.A [Free of Particular Average] cover. This does not cover partial losses even when caused by any of the Maritime Perils insured against unless there is a total loss of or damage to the Cargo Insured.
We strongly recommend that the ICC’A’ should always be taken up the insured as it provides a comprehensive coverage.