Marine Insurance
The Marine Cargo Insurance can also be used as collateral to establish letters of credit with the banks.
Importers and Exporters are faced with many and varied risks associated with goods in transit. Marine Cargo Policy offers three main covers namely; Interim Cover, Single Cover and Open Cover.
INTERIM COVER:
The Marine Interim Cover protects Importers and Exporters who do not yet have full details of their shipment to be insured once they provide the suppliers invoice.
Single Transit Cover:
It usually covers one–off case(s) that is from one port to another for a specified interest.
OPEN COVER:
The Insurer agrees to insure and the Insured/ customer agrees to declare all imports and exports on receipt of the bill of laden. This cover gives 24hour protection all year round and grants automatic insurance even before imports and exports start.
Hull and machinery of a ship or vessel
The legal liabilities of the ship owners on the high seas. This includes collision and negligence of the master and crew.
Disbursements and stores
Having cargo as part of your day-to-day business brings with it a large amount of risks. Our Stevedore and Shore Handling insurance will compensate you in the following circumstances:
- A third party experiences personal injury or property damage at the places specified in your policy.
- Sudden physical loss of or damage to your plant and equipment in your care, custody and control.
- Liability for financial loss incurred by your customer as a direct result of customer goods being lost, destroyed or damaged.
- Damage to your imported and exported cargo during removal and/or transfer from Vessel to Stack (or the other way around), within the peripheries of the port.
- Any authorised law costs and expenses you incur.
- Costs and expenses that you are legally liable for relating to the removal or recovery of customer goods and the disposal of any debris, as long as these relate to a documented sudden and accident occurrence.
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Personal Accident
Scope of cover:
- Death
- Permanent Disability
- Temporary Total Disability
- Medical Expenses
You may also choose to add on the following extensions to your policy:
- Exposure – to elements, starvation and/or thirst
- Disappearance
- Burns Disfigurement
- Life support system (not less than 3 consecutive days)