Dekwaneh Main Road- AMANA BLDG
Dekwaneh Main Road- AMANA BLDG
General Overview
Marine Cargo Insurance Overview
Cargo insurance provides comprehensive protection for goods and merchandise in transit, covering losses or damages that may occur during transportation by sea, air, or land. This insurance is essential for businesses that ship goods domestically or internationally, ensuring financial protection against unforeseen events that can disrupt supply chains and result in significant financial loss.
Hull Insurance Overview
Hull insurance is a type of marine insurance designed to cover physical damage to a ship or vessel. It provides comprehensive protection for the hull (the main body of the vessel), machinery, and equipment on board against various perils encountered during maritime operations. Hull insurance is essential for shipowners and operators to safeguard their valuable assets against unforeseen risks and ensure business continuity.
Marine Cargo Insurance : Sea Transportation
Marine Institute Cargo Clauses (A): Provides the most comprehensive coverage, protecting against all risks of loss or damage to cargo except for those specifically excluded.
Marine Institute Cargo Clauses (B): Offers coverage for named perils, including fire, explosion, vessel or craft being stranded, grounded, sunk or capsized, and more.
Marine Institute Cargo Clauses (C): Covers a more limited range of perils compared to Clauses (A) and (B), focusing on major incidents such as fire, explosion, and vessel-related accidents.
Air Cargo Insurance: Air Transportation
Air clauses: Ensures comprehensive protection for goods transported by air, covering risks associated with air transit, including loading and unloading incidents, damage, and loss during flight.
Land Cargo Transit : Land Transportation
Land Transit All Risks : Provides extensive protection against all risks of loss or damage during road or rail transit, except those specifically excluded.
Specified Perils Coverage: Covers specific named perils encountered during land transportation, such as fire, collision, theft, and natural disasters.
Total Loss Insurance: Provides compensation if the insured vessel is completely lost or destroyed due to an insured peril. This includes both actual total loss (where the vessel is completely destroyed) and constructive total loss (where the cost of repair exceeds the vessel's value).
Partial Loss Insurance: Covers the cost of repairing and replacing parts of the vessel that are damaged due to insured perils. This ensures that the vessel can be restored to operational condition after an incident
Sue and Labor Coverage : Reimburses expenses incurred by the shipowner in taking reasonable measures to avert or minimize a loss. This includes costs for emergency repairs, towing, and other preventive actions.
Collision and Liability Coverage : Covers the shipowner’s legal liability for damages caused to another vessel or its cargo due to a collision. This can also include liabilities for loss of life, personal injury, and property damage resulting from the collision.
General Average: Provides coverage for the shipowner’s share of losses incurred under the principle of general average, where all parties in a maritime venture proportionally share the loss resulting from a voluntary sacrifice of part of the ship or cargo to save the whole in an emergency.
Sea Transportation
Institute Cargo Clauses (A): Offers the most extensive coverage, protecting against all risks of loss or damage to cargo except those explicitly excluded.
Institute Cargo Clauses (B): Provides coverage for specific named perils such as fire, explosion, vessel or craft stranding, grounding, sinking, or capsizing, and more.
Institute Cargo Clauses (C): Covers a more limited range of perils compared to Clauses (A) and (B), focusing on major incidents like fire, explosion, and vessel-related accidents.
Air Transportation
Air Clauses: Ensures protection for goods transported by air, covering risks associated with air transit, including loading and unloading incidents.
Land Transportation
Land Transit: Provides coverage for specified risks during land transportation, ensuring protection against common hazards encountered on the road.
Land Transit All Risks: Offers comprehensive protection for cargo during land transportation against all risks except those specifically excluded.
Land Transit: Provides coverage for specified risks during land transportation, ensuring protection against common hazards encountered on the road.
Additional Coverage Options
War Risks (by sea and by air): Provides coverage for losses due to war-related risks for sea and air transportation.
Strikes (by sea and by air): Covers losses resulting from strikes, riots, and civil commotions during sea and air transport.
War & SRCC by land: Extends protection to land transportation against war-related risks, strikes, riots, and civil commotions (SRCC).