Marine
- May 26, 2024
- Posted by: [email protected]
- Categories:
MARINE
In today’s global environment, people or businesses are constantly trading and moving materials, goods or merchandise from one location to anoth personal or commercial reasons, regardless whether across the globe or just across town. As with all forms of transportation, accidents and hijackings are known to happen. Let us help you minimise and manage your risks with a marine insurance policy.
MARINE CARGO
This insurance is to cover the risk of loss or damage to the goods during the movement, whether via sea or air transport, from one location to another worldwide including incidental storage. Unlike other insurances where insurable interest or proof of ownership needs to be presented in order to purchase the cover, Marine Cargo insurance can be purchased by either Buyer or Seller (or Owner when relocating) subject to the sales contract terms which can be Free On Board (FOB), Cost & Freight(C&F) or Cost, Insurance & Freight (CIF).
INLAND TRANSIT
Inland Transit insurance is similar to the Marine Cargo insurance, however, it is restricted to land conveyance only, be it by road or by rail.
HULL & MACHINERY
Having insured the cargo being carried on the vessel, owners of the vessels itself may protect themselves against the loss or damage to the ships and its equipment when in the open sea. Specialised cover can also be arranged for other offshore or support vessels or yachts and pleasure crafts. The policy can also be extended to cover liability on accidental material damage or bodily injury to third parties.
SHIPBUILDERS’ ALL RISK / SHIP REPAIRERS’ ALL RISK
As in all construction work, there is a risk of damage to the materials and work before completion and handing over to your client, and this is no different when building a house or a ship. The Shipbuilder’s All Risk Insurance is there to offer peace of mind from the laying of the keel to the final delivery and sea trials.