Marine Insurance has an operating area that is engaged in marine trade and insurance traffic, it covers losses occured by ships, cargo terminals, and asscociated machines by which property is transfered.
Marine Cargo Insurance is an insurance that guarantees loss or damage to goods against risks that may occur during transportation, both by sea, land and air.
Marine Cargo Insurance provides the insured with indemnity and financial protection for loss of or damage to cargo during transit by:
Marine Cargo Insurance provides full coverage whilst cargo in transit from delivery point to final destination. Marine Cargo Insurance guarantees loss of cargo against risks guaranteed in the A / B / C Cargo Institution Clause 01.01.82 stated in the Policy, It is valid from the moment the goods leave the warehouse or storage place mentioned in the policy as the beginning of the commencement travel, and remains in effects for any reasonable trip.
Marine Cargo Insurance is ideal for:
- Logistic companies on behalf of their customers
- Freight forwarders on behalf of their customers
- Other buyers and sellers engaged in international and/or local trade
Hull & Machinery insurance guarantees damage or loss to the ship that can be caused by: fire, running around , sinking, engine damage or collision with other ships, general average events, earthquakes, boiler explosions and others as stated in the policy.
- Shipbuilder’s Risks for construction of ships
- Hull and Machinery Insurance
- War Risks
- Disbursements and Increase Value Insurance for Commercial Hulls such as:
- coastal and ocean going vessels
Insurance that provides legal guarantees against third party claims to shipowners and other related parties in the operation of the vessel. This guarantee needed due to the fact that the guarantee from Marine Hull & Machinery Insurance is insufficient for wider protection for third party legal liability.
- Cargo Liability, legal guarantee based on cargo damage that is transported
- Crew Liability, legal guarantees for injuries and death of crew
- Collission Liability, a legal guarantee against the risk of collisions between ships and other ships
- Others Liability, legal guarantees for other things such as environmental damage due to pollution or pollution, rescue costs, transportation of shipwrecks (WRI) and others
Freight Forwarders Liability Insurance provides complete guarantees for all freight forwarding activities, not only limited to guarantees for loss and damage to cargo but also guarantees consequential loss, misdelivery, delay, fines & duties, and of course guarantees against third party legal liability,which is divided into 4 groups of guarantees:
1) Cargo and Related Liabilities
2) Third Party Liability
3) Liability for Fines & Duty
4) Claims Expenses
Why need Freight Forwarder Liability Insurance?
- Care Custody and Control, the FFL is responsible for the goods of a third party (cargo) that are in its handling and supervision (care, custody and control) to be safe and secure until the destination.
- So Many Parties, Transportation of goods from one location to another involves a lot of related parties (Example: owner of goods, sub-contractors, land transport parties, loading and unloading workers, ports, shipping, customs and parties other), if there is a claim who will be responsible?
- So Many Claims, Claims can arise from transportation contracts
- High Cost of Defense, if there is a problem, it can be ascertained that the costs of investigation and legal defense can be very expensive, lawyers' fees and fees for the court's first level, appeals and cassation can be very long and very expensive.
Your premium depending on:
- The type of cover selected
- Any additional cover selected
- The sum insured
- Insurance requirements