Marine Insurance – A Whole New Meaning

Over the past decade the demand for Marine Insurance has increased by a significant percentage. This is mainly due to the commercial activities of various trades. Here’s what you need to know about Marine Insurance.

  1. Benefits for Businessmen

The main threat faced by individuals in the trade of transporting goods from a country which is located either side of the sea is the economic cost and loss due to the damage or sinking of the ship. This reason is often associated as a discouragement to engage in such trade. In this sense, a marine insurance would provide necessary compensation and the property owner or the businessman will not have to incur the loss on damage of goods.

  1. Benefits for Ship-Owners

Ship may be destroyed due to different types of risks on the marine venture and ship-owners may have to incur larger amounts of loss due to the destruction of the ship. A Marine Insurance policy provides compensation of loss to the ship-owner, considering the amount of loss.

Know More about HNB General Insurance (HNBGI) Marine Insurance Solutions

With peace of mind and security, HNBGI offers range of Marine Insurance solutions.

  • Cargo Insurance

Cargo Insurance provides cover for goods that are transported by sea, rail and airfreight, or by post which encompasses imports, exports and inland transit shipments globally. Our Cargo Insurance provides cover that can be tailored to suit the unique characteristics of the commodities being transported. Other types of Cargo Policies can be issued for more complex types of risk.

  • Marine Cargo (Imports and Exports)

General Cargo which is generally shipped in containers (where standard and comprehensive covers usually apply) Specialized Cargo such as perishable commodities and Bulk Cargo (where specific cover is put in place). Policies required an appropriate wider cover during the entire import or export, whether by sea, land or air from the seller’s to the buyer’s premises – including storage incidental to the shipment.

  • Goods in Transit

If you regularly transport goods, we can arrange: Marine Cargo Open Policy covering all types of goods on rates and conditions agreed upon. This type of policy remains open until cancelled by either party. Shipments are declared on a monthly basis and premium is calculated on each every declaration submitted. As an option, we can also arrange an annual policy where premiums is calculated annually and charged once to cover the total shipments during the policy year.

  • Inland Transit

This covers local transit of goods within the boundaries of Sri Lanka (not associated with an import or export) which are generally conveyed by independent carriers.

  • Stock Throughput

A specialized policy which embraces the cargo risk, inland transit risk and risks associated with the storage of stock. Goods are usually insured from the supplier or manufacturer until placed in the hands of the end customer.

  • Hull Insurance

Provides cover for commercial vessels used for commercial purposes, such as those used for charter. We provide a wide variety of cover – from All Risks through to Total Loss cover only, including machinery breakdown, special equipment and collision liability cover. Mainly for: Cargo Vessels, Pleasure Crafts and Jet Skis

  • Liability Insurance

Mainly cover liability arising out of Freight forwarding operations and P&I cover.

 

If you need more information and assistance, get in touch with HNBGI on: 0114 883 883

 

 

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