Marine Insurance
Marine Insurance
Marine Insurance provides coverage against loss or damage to vessels, cargo, and related interests during transit by sea, inland waterways, rail, or road. Hull insurance specifically covers physical damage to ships such as bulk carriers, fishing vessels, tankers, cruises, yachts, jetties, and wharfs operating in oceans, rivers, or lakes.
Open Policy
An Open Policy is a continuous marine insurance arrangement where multiple transits are covered during the policy period. The premium is charged based on the declared sales or dispatch turnover, allowing seamless coverage for frequent shipments without the need to issue individual policies for each transit.
Open Cover Policy
An Open Cover Policy is an agreement between the insured and the insurer to automatically cover all shipments within agreed terms, conditions, and limits. Each declaration results in a Certificate of Insurance, providing flexible and comprehensive transit coverage for imports, exports and temporary storage at intermediate locations.
Marine Specific Policy
A Marine Specific Policy is a marine insurance policy taken for one particular shipment / consignment with clearly defined details. It is not a floating or annual policy; it is issued only for a single, named transit. (also called a Specific Voyage Policy).
