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Marine Insurance
Our Marine Insurance protects the assured against losses incurred while on a sea adventure, up to the contract limits. A maritime adventure is a voyage or a period of time during which property is exposed to maritime hazards.
Designed to compensate for cargo loss or damage, in the event of a theft, natural disaster, or accident.
Another great feature of marine insurance is that transporters can select coverage options that are specific to their trade. Because coverage requirements vary, shipping companies can select a customized insurance plan.
There are various policies available to provide coverage based on the size of the cargo ship and the routes taken.
Types of Marine Insurance
Marine Cargo Insurance
This includes goods, property, and/or merchandise in transit by land, sea, or air. The following are the standard coverages provided by the Marine Cargo insurance policy:
- Damage or loss to insured goods, tends to result in either total loss (actual or constructive to the insured’s property) or partial damage (known as particular average)
- Expenses incurred to prevent or reduce loss (sue and labor)
- Hop – by – hop charges for goods discharged prematurely due to an insured peril
- The sacrifice of one person’s goods in order to save a venture; the sacrifice will be made up for by those whose goods are saved.
The Marine Cargo Insurance Policy could be expanded to include the following:
- Marine Policy Openness
- Inland Marine Coverage and Truck Risks
- Project cargo coverage, including consequential loss
- Container Van Insurance Coverage tailored to specific commodities (Commodity Clauses, Frozen Meat, Frozen Food, Coal, Oil, Rubber, etc.)
Machinery and the Hull
- Hull and Machinery Insurance policy protects ships or vessels, their hulls, machinery, and equipment, as well as liability resulting from collisions with other vessels. Its standard coverage includes:
- Mechanical loss or damage to a ship’s hull, machinery, or equipment that may result in total loss, actual or constructive, to the insured’s property, or partial damage, is referred to as a particular average.
- Expenses incurred to prevent or reduce loss (sue and labor, salvage charges)
- Average contributions in general
- Liability for collisions with other vessels
This line’s coverage could be expanded in the following ways:
- Armed conflict and hitting risks, as well as various acts of civil unrest
- Additional perils clauses that extend coverage for a vessel’s engines and machinery
- Even in the event of a potential claim, the costs for sighting a ship’s bottom
The following items are covered by Hull and Machinery Insurance:
- Builder’s Risks – this insurance covers the loss or damage to a vessel while it is being built, including materials that are not yet on board the ship at the time of loss.
- Mortgagee Interest – this shields the innocent mortgagee who suffers financial loss as a result of a mortgagee’s act or omission that prevents him from claiming under normal marine, war and strikes, protection and indemnity insurers.
- Port Risks Coverage – it provides coverage for vessels that are confined to a port or have limited access to the sea.
- Yacht Insurance
- Marina or Yacht Club Insurance
- Limited Coverage (named peril basis)
- Total Loss Only Coverage
Inland Marine Insurance
Inland marine insurance, like ocean cargo insurance, protects items in transit. Because ocean cargo insurance used to cease when the products arrived at the port, inland marine insurance was created to cover the items while they traveled inland.
To distinguish it from inland marine insurance, the historical type of marine insurance is now referred to as “ocean marine” insurance. In addition, unlike ocean marine insurance, inland marine plans are often considered more like other commercial property insurance policies.
MGS offers the MARINE INSURANCE POLICY to those who ship cargo in and out of the country on a regular basis. This is a continuous marine insurance contract between the insured and the insurance company that automatically covers the insured’s cargo without the need to apply for a new policy for each shipment.
