Marine

Marine

Covers loss or damage to goods whilst being transported from one location to another whether as import, export, Inter- Island or inland cargo movement.

Insuring arrangements may be obtained on a per trip voyage or voyage basis or on an annual or continuing basis depending on the nature of the client’s operations and frequency of shipments.

Inland Transit

This refers to transit of cargo or merchandise from one point to another by road or rail. The basic coverage is limited to risks while on board the carrying conveyance and in general relate to road/railway accidents.

Sum Insured- for per trip coverage’s, the sum insured is based on the value of the cargo. For annual coverage’s, the sum insured is based on the maximum expected cargo load per trip.

Scope of Cover: Coverage may be obtained to cover a specific cargo movement from one point to another. Clients with very frequent (daily) cargo movements such as forwarders, or merchandise deliveries such as manufacturers retailers and traders may obtain an annual cover.

Trucks Risks Clause (Basic Cover)

Covers loss of or damage to the cargo or merchandise whilst on board the carrying conveyance due to: Fire and Explosion: Accidental Collision: Overturning of conveyance and Collapse or subsidence of bridges.

Robbery and Hi-Jacking (Optional Cover subject to underwriter’s approval)

Covers loss of or damage to the cargo or merchandise due to robbery during the course of transit. Robbery refers to the taking of goods by third parties through the use of force or intimidation.

Loading and Unloading (Optional Cover subject to Underwriter’s approval)

Extends the coverage of the basic Trucks Risk Clause to include the risk of loss or damage to the goods or merchandise due to mishandling during loading and unloading unto the carrying conveyance.

SEA FREIGHT

Refers to cargo movements involving transits by ship, watercraft or barge including the incidental transits by land.

Sum Insured: Usually insured based on the invoice value of the cargo plus a percentage mark-up (up to 30% of invoice value) to cover the cost of freight, taxes and duties on import/export shipments.

Scope of Coverage: This insurance attaches from the time the goods leave the shipper’s warehouse or place of storage until it is delivered to consignee’s warehouse or place of storage.

Standard Exclusions: Loss, damage or expense attributable to:

Willful misconduct of the Assured

Ordinary leakage, loss in weight or volume

Ordinary wear and Tear

Insufficiency or unsuitability of “packing” or preparation of the cargo insured,

Unfitness of the vessel, container or lift van where the assured or their servants are privy to such unfitness.

Delay, even though the delay is caused by a risk insured against.

Insolvency or financial default of the owner’s or operators of the vessel.

War risks, Nuclear fission or fusion, strikes, riots and civil

Commotions

Malicious damage of cargo insured

AIR FREIGHT

Refers to cargo movements involving transits by aircraft, including incidental transits by land.

Scope of Cover: This insurance attaches from the time the goods leave the shipper’s warehouse or place of storage until it is delivered to consignee’s warehouse or place of storage.

Sum Insured: usually insured based on the invoice value of the cargo plus a percentage mark- up (up to 30% of invoice value) to cover the cost of freight; taxes and duties on imports/ export shipments.

Factors Affecting Rates for Marine Cargo:

Nature of the Cargo/goods to be transported

Voyage (From/To)

Mode of Transit (Truck / Type of vessel / aircraft)

Packaging (Cartons/ Bags/ Crates)

Manner of Shipping (Containerized/ Break- bulk/ Bulk)

CHECKLIST
Name of Assured
Address
Telephone Number
Fax Number
Type of Coverage