BUSINESS
TRANSPORT
Marine

This refers to insurance of ocean-going steamers and other sea vessels. “Hull” refers to the body or frame of the ship.

  • Hull insurance provides the cover for the ship’s body, machinery and the materials, stores and provisions for the officers and crew. In addition, the policy insures against certain liabilities which may occur.
  • It also covers cargo as well as freight exposures
  • The coverage of maritime perils namely fire, collision, and stranding.
  • The coverage of additional perils such as latent defect in machinery, accidents in loading / discharging cargo.
  • May also cover vessels in course of construction, which are taken by the ship builders.
  • Coverage starts from keel laying until delivery of the ship to the owners.
  • Covers loss/damage to third party property, port property and injury/death to third parties.
Aviation

This policy covers accidental loss of or damage to the aircraft


The Company will pay for, replace or repair, accidental loss of or damage to the aircraft arising from the risks covered, including disappearance of the aircraft.


It also covers cargo as well as freight exposures


The Company will also indemnify the insured for all sums which the insured shall become legally liable to pay as compensatory damages (including costs awarded against the Insured) in respect of accidental damages to property caused by the aircraft or by any person or object falling therefrom.


The Company will indemnify the insured in respect of all sums which the Insured shall become legally liable to pay as compensatory damages (including costs awarded against the insured) in respect of accidental bodily injury (fatal or otherwise) to passengers whilst entering, on board, or lighting from the aircraft and loss of or damage to baggage and personal articles of passengers arising out of an accident to the aircraft.

For more information