Marine Insurance is a category of insurance that encompasses a wide range of facets.
Turners Shipping, in partnership with Marsh Marine (Pty) Ltd, understands that Marine Insurance is an essential ingredient in all Logistics requirements. In this regard, highly qualified persons are employed to ensure that our Clients receive the best possible advice, service, and rates.
Premiums are charged on a per shipment basis which allows for easy and accurate costings.
Some categories of Marine insurance include Hull Insurance, Machinery Insurance, P& I Insurance, Marine Cargo Insurance and Liability Insurance Goods In Transit Insurance.
The most common forms of Marine Insurance are Marine Cargo Insurance and Marine Liability Insurance. Realised as the earliest form of well – developed insurance with its origin stemming from Greek and Roman concept of the Marine loan. The marine loan was the oldest form of a risk hedging instrument that was used to mitigate risks during medieval times. Marine Cargo insurance does not only cover sea-borne risks it covers both domestic and international transport by any means.
Types of Marine Insurance Policies and what they Cover
- Marine Cargo Policy – Covers physical loss or damage to cargo whilst in transit or storage.
- Marine Liability Policy – Covers claims from negligent acts or omissions of the insured during the performance of insured services.
- Goods in Transit ( GIT ) Policy – Covers goods whilst in road transit from point a to b.
- Carriers Liability Policy – Covers the carrier’s liability to its customer for the loss of goods whilst under the carriers care.
Reasons to purchase Marine Insurance
- Accidents happen all the time – Whilst technology may be developing at a rapid rate on a daily basis, transport, cargo handling, warehousing or any service that forms part of freight logistics chain is the riskiest part of the carriage. From theft, to damage from accidents to damage due to the elements, accidents happen on a daily basis. In this regard, marine insurance is an irreplaceable tool for controlling perils.
- Value of the Claim – Carriers will almost always have limited liability in terms of their own insurance, you are able to take out insurance for the value of the goods as well as freight charges.
- General Average is covered under a marine policy
- A marine insurance policy can be tailored to suit the needs of the insured, from open policies to once off policies to hybrid style polices.
The Basic Principles of Marine Insurance are:
- Utmost good faith
- Insurable interest
- Proximate cause
Some General Policy Exclusions on a marine cargo policy are:
- Loss and or damage from deliberate or willful misconduct
- Ordinary leaks, wear and tear
- Losses caused by delay
- Insufficient packing