PURCHASE MARINE INSURANCE
Marine Insurance is a cover whereby the insurer undertakes to compensate the insured against loss of the ship (hull insurance), the cargo, any sums paid in Freight (freight insurance), or any liability to a third party occurring during a sea voyage. A marine insurance contract may be extended to losses on inland waters 1 to risks on land that may be incidental to a sea voyage. The risks listed in marine insurance policies include perils of the seas, fire, war perils, pirates and seizures. Through marine insurance, ship owners and transporters can be sure they will not suffer financial losses.
There are three covers offered under marine;
- General average/salvage charges
- Indemnity to the assured against such proportions of liability under the contract of affreightment ‘Both to Blame Collision’ Clause.
- Fire or explosion
- Vessel or craft being stranded, grounded, sunk or capsized
- Overturning or derailment of land conveyance
- Collision or contact of vessel, craft or conveyance with any external object other than water.
- Discharge of cargo at a port of distress
- Loss or damage to goods caused by general average sacrifice
- Loss or damage to goods caused by jettison.
- Washing overboard
- Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, lift van or place of storage.
- Total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft.
Whichever cover one chooses, the following standard exclusions will apply:
- Loss attributed to willful misconduct of the assured
- Ordinary leakage/loss in weight wear and tear
- Loss arising out insufficient packing
- Loss caused by inherent vice of nature of goods
- Loss caused by delay
- Loss arising from insolvency or financial default of the owners, managers, chatterers or operators of the vessel
- Nuclear exclusion
- Loss attributed to the unseaworthiness of the vessel where the assured or their servants are privy to such unseaworthiness.