Marine Insurance

Marine insurance offers coverage for any damage or loss related to ships, cargo, terminals, transports, or transfers due to natural disasters such as cyclones, earthquakes, or lightning.

It also covers man-made disasters such as theft, violence, piracy of ships, collision, overturning, or derailment of land conveyance, and sinking or stranding of ships. The Safety & Shipping Review analysis shows that in the past five years there have been over 70 reported fires on container ships alone, including the catastrophic fire on the Yantian Express (2019) and the Maersk Honam (2018), which made international headlines.

The recent Russia Ukrain war has been causing much stress too in the industry. The safety aspect can vary and can impact your coverage premiums depending on whether your vessel is on-shore, out of the water, sitting in your garage, or stored at a boat club.

Marine insurance will also cover your ship and cargo if you face any problems while transporting goods. But it is your responsibility to ensure that you have adequate marine insurance, especially when dealing with commercial transportation of customers’ goods and belongings.

Our risk managers can guide you through the nitty-gritty of this dynamic sector to ensure the robust health of your export-import businesses.