The scale of export and import operations in Dubai, U.A.E leads to large volumes of marine insurance policies. With a large number of shipping and logistics clients, NAIB is well placed to design appropriate, well worded policies for Hull, Cargo or liability insurance. Coverage can be specifically for pleasure craft, people transportation vessels as well as cargo shipping. This type of insurance usually requires extensive risk assessment, so that the policy is designed effectively and suitably.
When goods are moved during the normal course of business, there is always a need for Marine Cargo Insurance. It covers the risks involved in transporting goods by Ocean Vessel, Aircraft, Barge, Rail, Truck or any other mode of transport.
Marine Cargo Insurance provides protection for goods being transported, indemnifying the Insured for physical loss or damage that results from an insured threat as described below. The most important aspect of this type of Insurance is that as an assignable document, the title can be transferred from one party to another.
Commercial vessels involve a variety of crafts, operating either in Arabian Gulf, Gulf of Oman, Arabian Sea and Indian Ocean or worldwide, whether a fleet or single vessel, we can help insure both the physical loss and damage to Hull & Machinery as well as Collision Liability arising out of the ownership and/or operation of vessels.
Scope of Cover
The insured has the option to choose the Marine Insurance coverage as per the following Institute Cargo Clauses (ICC):
ICC(C): Fire Lightning, Stranding, Grounding, sinking or capsizing of vessel or craft, overturning or derailment of land conveyance, collision or contact of vessel, craft or conveyance with any external object other than water, discharge of cargo at a port of distress, general average sacrifice and jettisoning.
ICC(B): Earthquake, volcanic eruption or lightning, washing overboard, entry of sea, lake or river water into vessel, craft, hold, conveyance, container, lift van or place of storage, in addition to the perils of ICC(C)
ICC(A): All Risks, subject only to the specified exclusions.
ICC(Air): Pertains to air cargo covering “All Risks” , Subject only to the specified exclusions
ICC (War & Strikes): Covering war, strike etc. which are excluded in the basic ICC clauses.[/vc_column_text][/vc_column][/vc_row]