Marine Insurance

Marine Insurance

Marine insurance, as defined by the Marine Insurance Act, 1906 is "a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure".

Our Marine insurance is generally divided into two classes: Marine Cargo & Marine Hull

An insurance policy to protect your goods while being transported from one place to another. It indemnifies and reimburses the Insured &/or the Buyer for any loss or damage to their cargo while in transit.

The policy covers the goods while they are being transported over sea, air and land (includes parcel post and by courier service).

We underwrite a variety of cargoes such as:

  • General Cargoes loaded in Full Container Load &/or Less Container Load, etc.
  • Bulk shipments of liquid like oil and petrol-chemical, break-bulk &/or loose cargoes of coal, iron ore and steel products, etc.

Insurance coverage can be arranged on either “Single voyage” or “Open cover” basis.

 

Insurance of vessels is generally known as “Hull and Machinery (H&M)” which covers against physical loss &/or damage to the ship itself, including machinery, equipment, furniture installed onboard etc.

We underwrite but not limited to Container Vessels, Tankers, General Cargo Vessels, Tugs and Barges, etc.

Hull Insurance coverage is either on “Comprehensive” or “Restricted” basis. Our experienced Hull underwriters will recommend the scope of coverage that best complements your business needs.

Besides, we also underwrite Builders’ Risk Insurance that covers whilst the vessel is under construction. The period of insurance should be from the time of inception of the construction to the time of delivery. Hence, the insurance period can well exceed 12 months.

 

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For More Information

  • Sales Enquiry:
    Delin Loo at +65 6389 6554 | Jeannie Sim at +65 6389 6560
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