Marine Insurance

Marine Insurance

Marine Insurance: Comprehensive Coverage for Cargo, Vessels & Maritime Operations

Risk Relife offers a complete suite of Marine Insurance solutions designed to safeguard cargo owners, shipping companies, freight forwarders, and marine operators against financial losses during transit or maritime operations.

A) Cargo Insurance

Cargo Insurance provides protection against loss or damage to goods while in transit via sea, air, road, or rail.

1. Specific Policy

• Covers a particular shipment from point of origin to destination for a one-time basis.

2. Open Covers

• Agreement for continuous insurance of shipments over a fixed period. Suitable for businesses with regular cargo movement.

3. Open Policies (Floating Policy)

• Offers automatic coverage for all shipments within the agreed terms and values during the policy period.

4. Annual Policy

• Covers all shipments made within a year, providing seamless protection and administrative ease.

5. Duty Insurance

• Covers customs duty paid on imported goods in case of total loss or damage.

6. Increased Value Insurance

• Provides coverage for the increased financial value of goods beyond the standard invoice value.

7. Export Incentives Insurance

• Protects against loss of export-related incentives in case the shipment is damaged or lost.

8. Seller’s Interest Insurance

• Provides protection to sellers when the buyer fails to insure or claims are denied.

9. Special Storage Risk Insurance (SSRI)

• Covers goods stored temporarily before, during, or after transit.

10. Multi Transit Policy

• Covers goods moved through multiple modes of transport (sea, rail, road, air) within a single policy.

11. Sales Turnover Insurance (STI)

• Covers the insured’s entire turnover instead of individual shipments, simplifying marine risk management.

12. Buyers Contingency Insurance

• Protects buyers when sellers fail to insure goods or if damage occurs before risk transfer.

13. Marine (Advanced) Loss of Profits Insurance

• Covers potential loss of profit due to cargo delivery delays or damage.

14. Freight Contingency Insurance

• Insures the shipping cost or freight charges in case of cargo damage or loss.

B) Hull Insurance

Hull Insurance provides coverage for physical damage or loss to the ship or vessel itself and associated liabilities.

1. Disbursement Insurance

• Covers additional expenses (e.g., port charges, extra fuel) incurred during a voyage.

2. Freight Insurance

• Protects anticipated freight earnings against loss from insured perils.

3. Shipbuilders Insurance

• Covers ships under construction, including damage due to fire, launching accidents, or natural disasters.

4. Ship Repairers Liability Insurance

• Provides liability protection for ship repairers against accidental damage to ships under repair.

5. Charterers Liability Insurance

• Covers liabilities assumed by ship charterers, including third-party bodily injury, cargo damage, and pollution.

6. Loss of Hire Insurance

• Compensates for loss of income when the ship is under repair due to an insured peril.

7. Loss of Profit Insurance

• Protects against lost profits caused by disruptions in vessel operations.

8. Port Risk Insurance

• Covers vessels laid up or operating within port limits against risks such as fire, collision, or theft.

9. Collision Liability Insurance

• Provides coverage for damage caused to another vessel or structure due to collision.

10. Insurance of Freight

• Secures the shipowner’s or charterer’s interest in freight payments in case of cargo or vessel loss.

Why Choose Risk Relife for Marine Insurance?

• Comprehensive Coverage: Tailored for exporters, importers, ship owners, and logistic companies.
• Regulatory Compliance: Policies meet global marine insurance standards.
• Efficient Claims Handling: Fast and fair settlements to reduce disruptions.
• Customized Policies: From single shipments to fleet and multi-transit logistics.