Marine Insurance

Marine Insurance is a type of general insurance that provides coverage for loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between points of origin and final destination

This cover provide protection for the accidental loss or damage to the hull or vessel and machineries of the ongoing vessels. All kinds of overseas vessels follow under this cover from which shipowners, charters are referred as insureds under this cover.

Perils of the sea such as storms, lightning, tsunamis, fire, piracy, collision, jettison, explosion, human factors like incorrect packing, loading, unloading, and other events that can cause damage to the insured vessel or cargo as per Institute Time Clause (ITC)

Marine cargo insurance provides coverage for loss or damage to goods while they are being transported by sea from one point (departure) to another (destination). Cargo owners are those referred to the insured parties under this cover whereby they need to protect their parcels, loads and cargoes against perils of the sea and man-made factors during the consignment (transhipment) to the destination point or country. As per Institute Cargos Clause (ICC), it has been categorized into three;

Institute Cargo Clause A (ICC A): This is also referred to as All Risk Policy since to provide coverage to all risks or perils except those excluded under the policy. It covers almost all potential risks except those explicitly excluded in the policy

Institute Cargo Clause B (ICC B): This covers only the specific named perils such as fire, explosion, collision, and water damage. It is less expensive than Clause A but provides less extensive coverage

Institute Cargo Clause C (ICC C): This is the most restrictive and limited coverage, covering only specific risks that occur during carriage, such as fire, explosion, collision. It has the lowest premiums but provides the least amount of protection

This covers liabilities to third parties, such as damage to cargo, pollution, and injury to crew members.

Cargo Liabilities. Covers damage to or loss of cargo while in the shipowner’s care.

Passenger Liabilities. Covers injuries or losses suffered by passengers on board.

Liabilities to Crew Members. Covers injuries, illness, or death of crew members.

Liabilities to Other Persons. Covers injuries or losses suffered by other persons such as dock workers, passengers of other vessels