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Wednesday, 29 July 2015

Marine Insurance

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Marine insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.

Having Marine insurance means that a business is covered both internationally and domestically, while goods in transit, whether by road, rail, sea or air. Marine insurance also covers:

  •     Fire and explosion
  •     Accidental damage
  •     Loss of goods
  •     Theft
  •     Sinking, grounding and stranding
  •     Heavy weather
  •     General average & salvage charges
  •     Piracy
  •     War and strikes (including terrorism)
  •     Road traffic accident

There are two main types of marine insurance:

  • Marine Cargo - covers losses arising from physical damage to cargo and related liabilities whilst it is in transit by sea and for up to 60 days whilst in storage. The risk location is usually the territory in which the insured is resident or its business establishment is situated.
  • Marine Hull - covers losses arising from physical damage to the hull. Yacht liability insurance covers owners and operators of yachts for third party liability. The risk location can be determined by any one of the following Physical location of the vessel (place of operation), Jurisdiction in which the vessel is registered and Location of the insured’s residence or business establishment Please see the territory specific guidance on Crystal for specific risk location rules.
To ensure your business gets rapid and full compensation in the event of a loss event, it is suggested you take out a marine policy that is tailored to your business needs. The liability of the various cargo service providers is very limited and may, in some cases, be wholly absent. It is also often the case that loss or damage sustained cannot be attributed to the person who actually caused it in the transport chain.

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