Marine Insurance

Marine Insurance Policy

We Cover

  • Any loss or damage to goods in transit by Rail, Sea, Road or Air.

Who can Insure

  • Owners or bankers of goods in transit/shipment.

What is Insured?

  • Export and import shipments
  • Goods in transit by rail, sea, road or air
  • Goods carried by coastal vessels plying between the various ports within the country
  • Cargo transported by small vessels or country craft over inland waters
  • Goods moved from place to place by river or land transport

Insured against what Risks

The policy covers loss/damage to the property insured due to

  • Fire or explosion; stranding, sinking etc.
  • Overturning, derailment ( of land conveyance)
  • Collision
  • Discharge of cargo at port of distress
  • Jettison
  • General average sacrifice, salvage charges
  • Earthquake, lightning
  • Washing overboard
  • Sea, lake or river water

Premium Rating

The normal basis of valuation for ocean/air consignment will be C&F + incidentals up to a percentage which is agreed upon at the inception of the policy ( normally this is 10 %)

Institute Cargo Clauses (C)

  • Fire or explosion;
  • Vessel or craft being stranded, grounded, sunk or capsized.
  • Overturning, derailment (of land conveyance)
  • Discharge of cargo at port of distress
  • Jettison
  • General average sacrifice

Institute Cargo Clauses (B)

  • Provides cover under ICC(C)
  • Additional risks
    • Earthquake, volcanic eruption or lightning
    • Washing overboard
    • Entry of sea, lake or river water into vessel.
    • Total loss of package lost overboard or dropped in loading or unloading

Institute Cargo Clauses (A)

  • Provided cover for all risks of loss or damage except the following exclusions.
  • All risks means losses which are caused by accidental circumstances
  • Under ICC (C) and (B) the risks covered are specified.

Exclusions

  • Loss caused by willful misconduct of the insured.
  • Ordinary leakage, ordinary loss in weight or volume or normal wears and tears.
  • Loss caused by inherent vice or nature of the subject matter.
  • Loss caused by delay.
  • Loss arising from insolvency or financial default of owners of the vessel.
  • Loss or damage due to inadequate packing
  • War, riot, strike, lock-out, civil commotions and terrorism.

Note

  • Particulars of cover liability and exclusion given above are not complete or exhaustive.
  • Our nearest Branch Office may be approached for complete details

Marine Cargo Insurance

 

Marine Hull Insurance

Hull means the insurance of ship. The ship is always at the risk of the perils of the seas and therefore, the ship-owner can insure it against probable losses as such. The subject matter of hull insurance is usually:

  • Hull
  • Plant & Machinery
  • Refrigeration Machinery etc.
  • Freight (if the freight is after paid when at the risk of the ship owner)

Direct risk covered under Marine Hull Insurance

Fire, theft, jettison, collision, contact, heavy weather, stranding/ foundering, sinking, General average, Sue and labor charges. The Marine Hull policy may include liability hazards such as collision or running down.

Additional Risk Covered on payment of additional premium

War & Strike Riot Civil Commotion (SRCC)

Remarks

Premium being determined on a rating subject to age and class of construction of Hull

Risks covered under following categories

  • ITC (All risk Policy)
  • TLO (Total Loss only)

According to the law the insured is required to pay the Stamp duty of this policy.

Note

  • Particulars of cover liability and exclusion given above are not complete or exhaustive.
  • Our nearest Branch Office may be approached for complete details.

Marine Freight Insurance

 

Click To Download Proposal Forms
Download Button

Have a financial professional contact you:

All fields are required

Welcome to Federal Insurance Company Limited

Helping businesses take small, manageable steps toward financial security since 1988

Find a financial professional