Marine insurance is a type of insurance that provides coverage for loss or damage by sea or air or rail/road/inland waterways cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between points of origin and final destination. On the other hand this insurance is a contract whereby the insurer agrees to indemnify the insured against losses related to sea or air or rail/road/inland waterways activities, typically in exchange for a premium.
1. This insurance covers, excepts as provided in Clauses 4, 5, 6, and 7. | |
1.1 Loss or damage to the subject-matter insured reasonably attributable to | |
1.1.1 Fire or Explosion | |
1.1.2 Vessel or craft being stranded grounded, sunk, or capsized | |
1.1.3 Overturning or derailment of land conveyance | |
1.1.4 Collision or contact of vessel craft or conveyance with any external object other than water | |
1.1.5 Discharge of cargo at a port of distress | |
1.2 Loss of or damage to the subject-matter insured caused by | |
1.2.1 General average sacrifice | |
1.2.2 Jettison |
2. This insurance covers the general average and salvage. Charges, adjusted or determined according to the contract of affreightment and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from any cause except those excluded in clauses 4, 5, 6, and 7 or elsewhere in this insurance.
3. This insurance is extended to indemnify the assured against such proportion of liability under the contract of affreightment “Both to blame collision” Clause as is in respect of a loss recoverable hereunder in the event of any claim by shipowners under the said clauses the Assured agree to notify the Underwriters who shall have the right, at their own cost and expense, to defend the Assured against such claim.
1. This insurance covers, excepts as provided in Clauses 4, 5, 6, and 7. | |
1.1 Loss or damage to the subject-matter insured reasonably attributable to | |
1.1.1 Fire or Explosion | |
1.1.2 Vessel or craft being stranded grounded, sunk, or capsized | |
1.1.3 Overturning or derailment of land conveyance | |
1.1.4 Collision or contact of vessel craft or conveyance with any external object other than water | |
1.1.5 Discharge of cargo at a port of distress | |
1.1.6 Earthquake, volcanic eruption or lightning | |
1.2 Loss of or damage to the subject-matter insured caused by | |
1.2.2 Jettison or washing overboard | |
1.2.3 Entry of sea lake or river water into vessel craft hold conveyance container or place or storage | |
1.3 Total loss of any package lost overboard or dropped whilst loading on to, or unloading from, a vessel or craft. |
2. This insurance covers general average and salvage charges, adjusted or determined according to the contract of carriage and/or the governing law and practice, incurred, to avoid or in connection with the avoidance of loss from any cause except those excluded in clauses 4, 5, 6 and 7 below.
3. This insurance indemnifies the Assured, in respect of any risk insured herein, against liability incurred under any both to Blame Collision Clause in the contract of carriage. In the event of any claim by carriers under the said clause, the Assured agree to notify the insurers who shall have the right, at their own cost and expense, to defend the Assured against such claim.
1. This insurance covers all risks of loss or damage to the subject insured except as provided in clauses 4, 5, 6, and 7.
2. This insurance covers general average and average and salvage charges, adjusted or determined according to the contract of affreightment and/or the governing law and practice, incurred, to avoid or in connection with the avoidance of loss from any cause except those excluded in clauses 4, 5, 6 and 7 or elsewhere in this insurance.
3. This insurance is extended to indemnify the Assured against such proportion of liability under the contract of affreightment “Both to blame collision” Clause as is in respect of a loss recoverable hereunder. In the event of any claim by shipowners under the said clauses, the Assured agree to notify the Underwriters who shall have the right, at their own cost and expense, to defend the Assured against such claim.
This insurance covers, except as provided in Clauses 2, 3 and 4, the risks of physical loss or damage to the insured goods caused by
(a) | (b) |
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This insurance covers all risks of loss or damage to the subject matter insured except as provided in Clauses 2, 3 and 4.
Risks | Air All Risks | Air Risks only |
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Air Accident | Covered | Covered |
Non Delivery (N.D.) | Covered | Not Covered |
Theft, Pilferage and Non-Delivery (T.P. & N.D.) | Covered | Not Covered |
All risks of loss of or damage to the subject matter insured except the following. | Covered | Not Covered |
The following risks are covered by payment of an additional premium under Air Risk only.
i) Non-Delivery (N.D.).
ii) Theft, Pilferage and Non-Delivery (T.P. & N.D.)
This Policies Terms, Conditions, Warranties, Exclusions & Deductible is applicable which are specifically excluded by the policy wording.
N.B.: For details, you are requested to contact to our nearest branch or Head Office.