Marine Insurance
It is a line of insurance, which includes coverage for property in trasity (cargo), means of transportation (except aircraft and motor vehicles), offshore installations and valuables, as well as liabilities associated with marine risks and professions.
The most common causes of loss or damage to cargo during transit are accidents, explosions, fires, overturns, and collisions. The policy covers non-delivery of goods, malicious damage, theft, cargo mishandling, damage during loading and unloading or due to improper packaging.
The concept of “Free on Board” (FOB) in marine insurance policies entails the seller’s responsibility for goods until they are successfully placed on the designated vessel. This concept plays a pivotal role in international trade contracts and the determination of ownership and liability during transit.
Cost, insurance, and freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer’s order while the cargo is in transit. Cost, insurance, and freight only applies to goods transported via a waterway, sea, or ocean.
CIF requires the seller to cover the total cost of the goods, freight and insurance. Whereas FOB only requires the seller to cover the cost of loading the goods onto the vessel; the buyer then pays to transport and insure the goods (as well as any other charges incurred once the goods are on board). Here consider point of origin & point of destination.
The two branches of marine insurance are ocean
marine (primarily water-based exposures) and inland marine (primarily land-based exposures).
How can we help you?
Need a marine coverage?
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Updating your info
If you are a current policy owner, you can update your contact info and policy coverage
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Do you need marine insurance?
Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination. The term originated when parties began to ship goods via sea.
Global's marine insurance coverage
Here at Global, we provide the following marine policy cover:
- Marine Cargo Insurance covers loss and damage to the subject matter insured on “all risk” basis from part of loading to final warehouse/destination.
Some of the perils covered by the policy are fire, explosion, sinking and general average contribution of cargo.
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