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The Institute Cargo Clause “C” gives the leaser cover in marine insurance. There are mainly three clauses in Marine Cargo Insurance business. Marine Cargo Policy provides indemnity to the insured for accidental damage or loss to the insured property as a result of insured perils such as Storm, Jettison, Fire, Seawater Damage, etc. Marine business is subdivided into mainly Marine Cargo and Marine Hull. the manufacturer, trader of purchaser) ranging from loss and damage resulting from an accident, an Act of God, inappropriate handling, theft and robbery and, in the case of marine transport, general average. Whenever Cargo is transported, a wide variety of risks are present throughout the transport chain for owner of the cargo (e.g.
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The vessel including her machinery and equipment is insured to her full value and, depending on the chosen cover, the following risks may be indemnified It is fundamental protection of a vessel against damage. Marine Hull Insurance covers physical loss or damage to the Hull and Machinery which constitute the ship itself. Marine time perils are perils consequent on, or incidental to the navigation of the sea, that is to say, perils of the sea, fire, war, piracy, robbers, thieves, captures, seizures, restraints and detainments of people, jettison, barratry and any other perils of the like kind or which may be designated by the policy. Any liability to a third party that may be incurred by the owner of or other person interested in or responsible for insurable property by reason of maritime perils.Earnings or acquisition of any freight, passage money, commission, loans or disbursement is endangered by the exposure of insurable property to marine perils.Any ship, goods or other moveable exposed to marine perils.Marine Insurance covers the loss or damage of Ships, Cargo, Terminals and any transport or cargo by which property is transferred, acquired or held between the points of origin and final destination.Ī contract of Marine Insurance is a contract whereby the insurer (Insurance Company) undertakes to indemnify the assured (in this case of Siem Offshore) in a manner and to the extent thereby agreed against marine losses that is to say, the losses incident to the marine adventure. MARINE HULL INSURANCE | MARINE CARGO INSURANCE HOME Range Of Services Insurance Products Why CROWN INSURANCE