This policy covers the insured to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.
This cover comes in two variations – Cargo and Hull.
Marine Cargo policy provides indemnity for loss or damage to goods being conveyed by sea or air into or outside the country. There is an All Risks type of cover known as Clauses "A" which provides indemnity to the insured in the event of total or partial loss of the goods while Clauses “C” is for a more restricted cover. Cargo is almost always insured per voyage.
The Hull type of policy is issued to vessels to provide indemnity for any loss, damage or liability that may arise from their use. The Hull policy may cover the risks of a single voyage, or may insure for a certain period of time. Premium Fully filled Policy proposal form with all the details of the required cover. This will include value and period of cover requested for, a current inspection report done by a qualified marine engineer. For cargo, an additional inspection of the goods to be shipped is required. Once this has been done, the premium will be determined and once paid, the policy will be prepared. Requirements The nature and value of goods being transported, type and state of vessel as well as the type of cover required. Vessels are usually insured for a certain duration of time, usually year by the year. Cargo policies may be on a single lot or may be open to cover cargo as shipped by the insured. Hull insurance, may cover a ship or a whole fleet.