Marine Cargo
& Hull Insurance

Marine Cargo and Hull Insurance

If your company works in the maritime sector, whether it's building vessels or moving passengers or freight, you need an insurance plan that shields you from the unduly high costs of operating in waters. Regardless of the mode (land, sea, or air), marine transit insurance is made for people who are in the business of shipping goods overseas. Cargo is covered by the policy while it is being transported from point A to point B. Businesses that own and manage commercial vessels, such as barges, ferries, charter vessels, etc. are perfect for hull insurance. This policy pays for repairs for both the machinery and equipment inside the vessel and any damage to it.

Eligibility for Hull & Marine Cargo Insurance

Owners of vessels who want to protect their ships and cargo, businesses or individuals shipping goods via maritime routes, companies responsible for the transportation of goods, firms that manage and operate shipping logistics, entities that lease vessels for transporting cargo, operators managing various maritime operations, businesses engaged in international trade and shipping, businesses exporting or importing goods by sea, and owners of private yachts or pleasure crafts are eligible for marine cargo insurance and hull insurance.

Documents Required for Marine Cargo & Hull Insurance

• Vessel registration documents
• Information about the cargo being transported
• Planned routes and schedules for the voyage
• Inspection certificates
• Bill of lading
• Commercial invoice
• Detailed list of items included in the shipment
• Charter party agreement
• Safety certificates
• Proof of the applicant's financial stability
• Letter of credit

Inclusions in Marine Cargo and Hull Insurance

• All risks coverage: protection against all risks of physical loss or damage to cargo during transit.
• Named perils coverage: coverage against specific perils such as fire, explosion, vessel collision, natural disasters, and theft.
• General average: coverage for shared losses incurred due to voluntary sacrifices made to save the vessel and cargo.
• War and strikes coverage: protection against loss or damage caused by war, strikes, riots, and civil commotions.
• Salvage charges: costs associated with the salvage of the cargo following a maritime incident.
• Customs duty coverage: reimbursement for customs duties paid on damaged or lost cargo.
• Transit extensions: coverage for cargo during land transit to and from the port.

• Physical damage: coverage for damage to the vessel's hull and machinery due to accidents, collisions, grounding, and other perils.
• Total loss: protection against total loss of the vessel due to severe damage or sinking.
• Collision liability: coverage for legal liability arising from collisions with other vessels, including damage to third-party property.
• Salvage and wreck removal: costs associated with the removal of wreckage and salvage operations.
• War risks: protection against damage or loss caused by war-related activities, including mines and torpedoes.
• Protection and Indemnity (P&I) Insurance: coverage for third-party liabilities, such as bodily injury or death of crew members, passengers, and other third parties.
• Loss of hire: compensation for loss of income if the vessel is out of service due to covered damage.
• Port risks: coverage for damage or loss while the vessel is docked in port.
• Pollution liability: coverage for legal liabilities and cleanup costs related to pollution incidents caused by the vessel.

Benefits of Purchasing Hull & Marine Cargo Insurance

• Comprehensive coverage

  Protects against a wide range of risks, including damage, loss, theft, and accidents during maritime transport.

• Financial security

  Provides financial compensation for insured losses, helping businesses avoid significant financial setbacks and maintain stability.

• Legal compliance

  Ensures compliance with local and international maritime regulations, avoiding legal penalties and facilitating smooth operations.

• Customizable policies

  Allows for tailored insurance solutions that meet the specific needs and risk profiles of different vessels and cargo types.

• Risk management

  Mitigates the impact of unforeseen events such as natural disasters, piracy, and mechanical failures, enhancing overall risk management.

• Liability protection

  Covers third-party liabilities, including damage to other vessels, environmental damage, and injuries to crew and passengers.

• Facilitation of trade

  Enhances confidence in international trade by securing goods in transit, making it easier to engage in import and export activities.

• Operational continuity

  Ensures quick claims processing and settlements, minimizing downtime and disruption to business operations.

• Enhanced credibility

  Demonstrates a commitment to risk management and financial responsibility, improving trust and credibility with clients, partners, and stakeholders.