Transportation & Transit
Marine Cargo Insurance is a policy insures approved general merchandise in the event of physical loss or damage from any external cause. This includes new, packaged goods without unusual susceptibility to loss from breakage, pilferage, or the nature of the goods themselves. Marine Cargo Insurance policies do not cover all losses possible in the course of an international shipment. Basis of indemnifies under Marine Cargo Insurance usually applied as per Institute Cargo Clause (ICC) for physical loss, damage, expenses and liability to the goods insured during direct transit from the time the goods leave the warehouse or place of storage of the seller and terminates either:- Delivery to the consignee or other final warehouse or place of storage at the final destination delivery to any other warehouse or place of storage, whether prior to or at the destination which the insured choose to use either for storage or for distribution Coverage will expiry of 60 days after completion of discharge of the goods insured at the final port discharged, whichever shall first occur Types of deliver contract may: FOB (Free On Board) - Buyer arrange the insurance C & F (Cost and Freight) - Buyer arrange the insurance CIF (Cost Insurance and Freight) - Seller arrange the insurance
We provides insurance protection for all cargo while in transit within the country against loss / damage caused by vehicle collision, overturning, derailment, explosion, theft as well as perils of nature, etc…
The terminal operators are confronting the risk exposure toward not only on their office, warehouse, computer hardware, machinery, crane, moving plants, and all equipment toward natural perils or accidental human error, but also the liability against stevedore, vessel, cargo which might damage from the terminal operation or legally care, custody and control. Terminal Liability Insurance policy is design specific for risk exposure that terminal operator confront and diary operating practice.
To provide cover for the vessel itself whatever parts like Physical Structure, Crane, Engine, etc
It is normally call as P&I, which is special designed coverage for ships owner against liability toward third party arising from ships or operating of ships. Commonly P&I provide coverage by P&I Clubs to members. The insured should be enrolled as membership of club in order to take majority coverage as following; Collision liability. Third Party Property Damage Pollution by oil or other substances. Injury, illness and death of crew, passengers and stevedores. Repatriation of crew and substitute expenses. Towage contract liabilities, and liability under other contracts and indemnities. a Cargo loss, shortage and damage. Unrecoverable general average contributions. Fines, certain legal and other costs. Wreck removal. Excess War Risks liability.
Some of materials or machinery which might be parts of a project cannot disassemble to fit the container size that it is consider very large or very heavy units and its might carry to destination by apply all modes of transportation such Ship, Rail, Truck or Air. These kinds of cargo need expert to handling and also having high risk exposure too. We provide insurance service to arrange specific coverage policy integrated with supervision survey to support by handling cargo smoothly until final destination.
In conjunction with Project Cargo Insurance, the cargo might damage during carry and make serious affect to the construction project that it is delayed schedule because of undelivered of key material or machinery during transport. The financial lost of Principal now often collateralize loans with project assets and repay them purely on the basis of projected earnings. The critical financing factor, stringent conditions regarding delays in scheduled project completion have been added to contracts between financiers and principals, and particularly to those between principals and contractors. In turn, these conditions compel the parties involved to acquire the broadest possible insurance cover available in the market. This has prompted a sharp rise in demand for delay in start-up (DSU) cover, which is also known as advance loss of profit (ALOP) insurance.