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MARINE/SHIPPING INSURANCE

This policy is designed to protect your organization's funds against various maritime losses, which may make it possible for you to lose money unexpectedly.
 
The proposed cover will protect your goods in transit by sea or air (including inland which may involve rail or road) against the following:

• Unexplainable Disappearance
• Handling and Storage Hazard
• Water Damage
• General Average Declaration and other Risks
  
  The policy could be arranged in three ways - Under Clauses A, B or C.
  
  Clause A is the widest cover providing” All Risks" coverage, while clause B is restricted to the risks of fire, explosion, sunk or capsized vessel, overturning or derailment of medium of land conveyance. It also covers collision, contact with external objects other than water, discharge of cargo at port of distress, earthquake, volcanic eruption or lightning, general average sacrifice, jettisoning or washing overboard, entry of sea, lake, or river water into vessel, loss of any package overboard or dropped whilst loading or unloading from vessel or craft.

The minimum cover is provided under Clause C, which covers fire, explosion, stranded or sunk or capsized vessels, overturning or derailment in the case of land conveyance, collision or contact with external objects, general average sacrifice and jettisoning. This cover is free from any particular average and can become effective only when there is a total loss.

Clause A is the type of cover recommended for most organization since it provides the widest form of cover.

ARRANGEMENT OF COVER
The marine cargo insurance may be arranged for a particular consignment or on an open cover basis. In view of the frequency and volume of your imports, we recommend an open cover arrangement, which may be incorporated to provide for continuous cover for importation at random. At this instance, our Marine Certificate Booklet of a reputable underwriter will be made available to your staff to be issued for instant cover whilst such importation is declared periodically on the policy.

PREMIUM
The nature of consignment, packaging, duration of transit and value of consignment determine the rate of premium payable.  This means a full detail of your risk exposure is necessary for adequate underwriting purposes.

However, the rates between 0.25% and 2.5%, depending on the type of cargo, and class of cover, while volume of business is also taken into consideration.

We would also be able to improve on the existing rates and terms if you already have a policy in place provided you make available to us the details of your marine risk exposure.