MARINE INSURANCE

Marine Hull The hull policy covers physical damage to the hull caused by fire, explosion and other marine perils. It also covers damage to machinery and other equipment.

Coverage can be arranged thus: Open cover — this is a long marine assurance contract recommended when you engage in constant and regular exportation and importation of goods. It enables you to arrange marine cover in advance on a yearly basis. The rate of premium is fixed from inception of the policy and all shipments must be declared; this is subject to adjustment at renewal. There is also a bottom limit chosen which serves as the sum insured. Cover can be provided on two bases — All Risks (Institute Cargo Clause A), which covers every conceivable risk of loss or damage to which goods may be exposed during transit, or named perils (Institute Cargo Clause C), which does not cover partial loss of the goods as above but covers goods when there is a major casualty on the voyage, i.e. where the vessel is stranded, burnt or sunk during the voyage.

Motor Boat This policy covers loss or damage to your yacht or boat by peril of the seas, rivers, lakes or other navigable waters, fire, jettison, piracy, contact with dock or harbour equipment or installation, land conveyance, aircraft or similar objects falling therefrom, or following forcible entry into the vessel or place of storage or repairs. It also covers theft of machinery including outboard motor(s), gear or equipment, and dropping or falling off of outboard engines.

Insurance covering loss and/or damage of cargo whilst it is in transit from one country to another. Shipments can be via Sea, Air, Courier or Truck. Policies are tailored to suit individual insured’s needs.