Marine and Aviation Insurance
The nation’s commercial and industrial sectors rely on a working inter/intra-modal transportation system by road, rail, sea, and air, each of which has its own set of dangers. We have different policies in place to address the varied dangers associated with these types of transportation, namely
This coverage protects against marine dangers. This cover is divided into two sections: Marine Cargo and Marine Hull.
Marine Cargo protects the shipping of goods or consignments across international waters/boundaries from the port of origin or warehouse to the port or warehouse of destination against loss or damage to the commodities being carried. Coverage might be offered on an Allrisk basis (ICC ‘A’) or on a restricted/Specified Perils basis (ICC ‘B’ or ‘C’).
Marine Hull insurance protects ships, boats, and vessels, as well as their machinery, against loss or damage at sea. This coverage might be either voyage or operational in nature. The former covers unintentional damage to the vessel while in transit (often from the point of purchase to the site of use), whereas the latter covers accidental damage to the vessel while in use.)
This policy can be extended to cover:- Loss or damage to the trailers carrying the boat while in transit
- Loss or damage to the boat during land transit
- Pollution caused by seepage or oil pollution
- Third party liability for death, personal injury and damage to/loss of property
- The cost of replacing/repairing sails, masts, etc and loss/damage caused while participating in racing events
- Injuries sustained by any person engaged in water skiing
- Medical expenses incurred for death or personal injury
- Accidents to passengers (including death or personal injury)
- Loss of or damage to personal effects
This insurance is intended to protect the policyholder’s boat/yacht or pleasure craft against accidental damage, fire, lightning, or explosion, theft or attempted theft following a forceful entrance, malicious damage, and liabilities associated with the use and operation of the boat/craft.
The major sections of this cover are Aviation Hull and Liabilities.
- The Hull section provides cover for aircraft against accidental loss or damage arising whilst the aircraft is in flight, taxying, on ground and/or moored.
- The Liability section indemnifies the Insured for legal liabilities to third parties resulting from accidental injury or death or damage to property caused by the aircraft or objects falling therefrom. It also includes compensation for crew and passenger liabilities in line with statutory obligations and international conventions.
This provides cover for the Insured’s Legal Liability consequent upon or in connection with their business as suppliers of aviation petroleum products and the fueling, refueling, defueling, lubrication of aircraft for bodily injuries or damage to property.
This policy indemnifies the insured’s liability for damage to aircraft or spares stored for safekeeping but usually not belonging to the Insured but for which they are responsible as well as loss of or damage to property of others.
