Marine insurance is vital to safeguard maritime trade, ensuring economic stability by protecting ships, cargo, and businesses from risks like accidents, piracy, and natural disasters. It supports the nation's thriving ports and shipping industry, crucial for global commerce.
Protect your sea operations
Financial Protection
It safeguards against financial losses from unforeseen events like cargo damage, accidents, or natural disasters, protecting your business’s assets and financial stability.
High Risk & Large Losses
Maritime ventures face high risks such as piracy or extreme weather; insurance mitigates catastrophic financial losses that could jeopardize business continuity.
Legal Requirement
Marine insurance is often legally mandated to comply with international maritime regulations, ensuring compliance, avoiding penalties, and maintaining smooth operations.
Third Party Liability Coverage
Covers legal liabilities for third-party injuries, environmental damage, or cargo claims, shielding your business from costly lawsuits and compensation demands.
Do you know about marine coverage?
Marine Cargo Insurance
Covers physical loss or damage to goods (raw materials, products, etc.) during transit by sea, air, rail, or road, protecting against risks like storms, collisions, or theft.
Marine Hull Insurance
Insures the vessel itself (ships, boats) against physical damage from accidents, natural disasters, or collisions, including liability for third-party property damage.
Protection and Indemnity (P&I)
Provides liability coverage for shipowners, including crew injury claims, environmental fines, wreck removal, and damage to cargo or third-party property.
Pollution Coverage
Addresses costs from accidental oil/spill pollution, including cleanup, legal liabilities, and environmental damage compensation, often bundled with P&I or hull policies.
What are the common exclusions for marine insurance?
Inherent Vice
Losses caused by the inherent nature of goods (e.g., perishable items rotting) are excluded, as insurers do not cover risks stemming from the cargo’s natural properties.
Improper Packaging
Damage due to inadequate packaging or securing of cargo is excluded, as the insured is responsible for ensuring goods are prepared to withstand ordinary transit conditions.
Wear and Tear
Loss or damage due to gradual deterioration, rust, or aging of the vessel or cargo is excluded, as insurance covers sudden, unforeseen events rather than natural degradation.
War and Strikes
Damages arising from war, civil unrest, terrorism, or labor strikes are typically excluded, requiring specialized coverage (e.g., war risk policies) for such scenarios.