Marine Insurance covers.

Marine Insurance

Marine insurance  helps to protect  individuals and firms against financial loss due to damage or loss of their goods. Essentially, marine cover provides protection against loss or damage caused by marine perils. Marine Insurance can take the following forms:

1. Marine Hull
2. Marine Cargo

1.Marine Hull Insurance

Our Marine hull insurance provides cover against loss and/or damage to vessels, ships hull, machineries and other equipment of the vessel including collision and liability to third parties.

2. Marine Cargo Insurance

This is a transport risk policy which provides cover against loss or damage to goods (imports and exports) been transported from one place to another either by sea, road, rail or air.

This policy covers Bulk Cargo (Where specific cover is in place), Specialized Cargo and General Cargo that is shipped in containers.

Types of Marine Covers

  1. Institute Cargo Clause (A)
This is Unnamed perils clause
Covers all risks of loss or damage to insured cargo except those excluded e.g. wilful misconduct of the insured, ordinary leakage, unseaworthiness of the vessel and Inherent Vice of the subject matter.
2. Institute Cargo Clause (B)
This is a Named Peril basis and covers the following risks:

  • Fire or Explosion. Loss or damage to insured cargo attributable to:-
  • Vessel or craft being stranded, grounded, sunk or capsized.
  • Overturning or derailment of land conveyance.
  • Collision or contact of vessel, craft or conveyance with any external object other than water.
  • Discharge of cargo at a port of distress.
  • Earthquake, volcanic eruption or lightning
  • General average sacrifice
  • Jettison
  • Washing Overboard
  • Entry of sea, lake or river water into the vessel, craft, hold, conveyance, container, lift van or place of storage.
  • Total loss of any package lost overboard or dropped whilst loading onto, or unloading from, vessel or craft.
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