Marine Insurance in UAE

What Does Marine Insurance Cover?

The loss or damage to the commodities sustained during shipping between the origin point and the destination point is covered by marine insurance Dubai and the UAE. This insurance policy also covers hull, marine liability, and exposed commodities that are stored offshore or onshore.

Marine cargo insurance covers fire accidents, sinking, collision, derailment of land conveyance, survey fees, cost of reconditioning, jettisons, general average sacrifice salvage charges, explosion, stranding, overturning, if cargo leaves port in distress, natural calamity damage, forwarding expenses, washing overboard, and total loss of package during loading or unloading.

Here are the details of the top inclusions in marine insurance Dubai and the UAE. The insured can select from the marine insurance coverage options in accordance with the Institute Cargo Clauses (ICC), which include ICC (C) coverage for sinking, jettisoning, fire, discharge of cargo at a port of distress, lightning, derailment or overturning of a land conveyance, stranding, general average sacrifice, grounding or capsizing of a vessel or an aircraft, and collision or contact of a conveyance, vessel, or ship with any external object except for water.

Risks linked with ICC (B) are washing overboard, holding or place of storage, volcanic eruption, lightning, earthquake, sea, river, or lake entering into a watercraft or vessel, and the risks related to ICC (C). ICC (A) - All hazards, excluding those specifically excluded. Except for the exclusions indicated, ICC (Air) covers "all risks" for air freight. The ICC (War & Strikes), includes war, strikes, and other events not covered by the core ICC clauses.

What Does Marine Insurance Not Cover?

The top exclusions of a marine insurance policy are malicious damage, bankruptcy, liquidation, insolvency, riots, wars, strikes, poor packaging, civil commotion, compliance with nations where locally admitted practices are recognized, and cargo to unsanctioned nations. Failure of finances and intentional damage or loss are also not covered under marine insurance Dubai and the UAE.

Who Requires Marine Insurance?

You can buy a marine insurance policy if you are: a seller, individual buyer, manufacturer, buying agent, import/export merchant, bank, contractor, an individual having a moving company, or freight forwarder. Import, export, inland marine insurance, marine cargo insurance, hull insurance, and freight insurance are the types of the marine insurance policy.

Benefits of Procuring Marine Insurance

There are many benefits to purchasing a marine insurance policy. First of all, it serves as a financial safety net in the event of unexpected catastrophes. Add-on covers offer improved insurance against conflict, terrorism, etc. at a higher cost. It enables companies to bounce back from setbacks without having to stop working. Pleasure craft, yachts, and personal watercraft (PWC) insurance are available to independent owners. Also, a few boat insurance plans include wreck removal and salvaging without any hull coverage additional fee.

This insurance is also available in a variety of forms. Hull insurance covers the conveyance's hull and torso. It safeguards the item against harm and accidents. Goods in transit from the country of origin to the country of destination are safeguarded by a marine cargo insurance policy. A yacht insurance policy will indemnify and cover the liabilities of a sailing vessel. Choose the one that suits you best with us and buy marine insurance online now!