MARINE INSURANCE:
As one of the oldest forms of insurance, marine coverage has evolved over time to address a wide array of risks and scenarios associated with maritime transport. This type of insurance provides extensive protection for all stages of cargo transportation via sea, air, and land. It also includes coverage for vessel hulls, machinery, and operational equipment, as well as for crew members, including captains, engineers, technicians, and security personnel. Liability coverage for marine collisions is also a key component. The primary areas of coverage include:
Marine Cargo Insurance:
Protects against losses or damages to goods during transport, from the supplier’s warehouse to the final destination, as per Lloyd’s of London Institute Cargo Clauses (1982) and its associated amendments.
Hull and Machinery Insurance:
Provides comprehensive protection for physical damages to the structure and equipment of vessels, including passenger ships, cargo carriers, oil tankers, fishing boats, yachts, tugboats, and other floating installations.
Seafarers’ Personal Accident Insurance:
Offers coverage for bodily injuries, disabilities, or fatalities sustained by crew members during the performance of their duties.
Marine Liability Insurance:
In partnership with Protection and Indemnity (P&I) Clubs, this coverage addresses legal liabilities of shipowners and operators toward passengers, third parties, and collision liabilities, as stipulated by Lloyd’s of London.
AIR CARGO INSURANCE:
Air cargo insurance safeguards shipments against potential losses or damages during transportation by air, from the point of departure to the final destination, adhering to Lloyd’s of London aviation insurance standards.
LAND TRANSPORT INSURANCE:
This type of insurance provides coverage for losses or damages incurred during road transportation, including accidents such as overturning, fire, or collisions involving the transporting vehicle. It also includes risks associated with cargo handling during transit.