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Marine

Marine Insurance

Protection for goods in transit across the sea, as well as hull and machinery for vessels.

Overview

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which property is transferred, acquired, or held between the points of origin and final destination.

1Who needs this?

Importers & Exporters
Shipping Companies
Freight Forwarders
Vessel Owners

What it covers

  • Cargo damage or loss at sea
  • Hull and machinery damage
  • General average contributions
  • War and strikes risks (optional)
  • Pollution liability

What is NOT covered

  • Inherent vice of the cargo
  • Improper packing
  • Delay in transit
  • Insolvency of the carrier

Important Note: Coverage details, limits, and exclusions may vary depending on the specific policy terms, the insurer selected, and individual risk profiles. Always refer to the actual policy document for full terms and conditions.

Common Claim Scenarios

Container Lost Overboard

"During a severe storm in the Indian Ocean, several containers were washed overboard from a cargo ship. The marine cargo policy covered the full value of the goods lost by the importer."

Frequently Asked Questions

What is 'All Risks' cover in Marine?
It's the broadest form of cover (Institute Cargo Clauses A), covering all risks of physical loss or damage except for specific exclusions.
What is 'General Average'?
A legal principle where all parties in a sea venture proportionally share any losses resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.
Does it cover inland transit?
Yes, most marine cargo policies can be extended to cover the journey from the warehouse to the port and from the destination port to the final warehouse.
How is the value of cargo determined?
Usually, it's the CIF (Cost, Insurance, Freight) value plus an additional 10% to cover anticipated profit.
Is war risk included?
War and Strikes risks are usually excluded from the main policy but can be added back as a separate set of clauses for a small additional premium.

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