Marine Insurance consists of 3 main lines of Business
Marine Cargo Insurance
Marine Hull Insurance
Marine Liabilities Insurance
Marine cargo Insurance
Insurance against loss of or damage to cargo during the course of its transportation is Marine Cargo Insurance
Today in the Sri Lankan Marine Cargo Insurance market, business is commonly transacted as per the following categories.
- Imports
- Exports
- Transits within Sri Lanka
Cargo insurance is usually written on one of the following basis :
- Voyage Policy +Policies issued on a case by case basis
- Open Cover +An agreement between the Insurer and Insured to cover the Specified Cargo and/or Cargoes for an agreed period and/or until Cancelled by either parties
- Open Policy +Annual Policy Covering Specified Cargo.This Insurance is also known as Goods in Transit Policies when covering Local Transits and Stock Throughput Policies when a wider cover is provided including Process storage risks
Marine Hull Insurance
Area of marine hull insurance covers a vast range such as Ships, Pleasure Crafts, Shipbuilders’ Risks
Under the Marine Hull Insurance policy a ship owner can cover;
Loss of or damage to his ship [ that is the Hull (the steel plates) and the Engines & auxiliary machinery on board ]
And in addition, some liabilities that he may incur such as collision liabilities & passenger Liabilities (collision with another vessel(s)
The Types of Vessels Which Could be Insured
- All types of pleasure crafts and yachts
- All types of passenger carrying vessels / ferries
- All types of supply ships / boats
- All types of tugs, service, recovery and salvage vessels
- Commercial cargo carrying vessels
- Any other types of ships / boats
Marine Liabilities Insurance
This form of insurance provides protection against Charterer’s liability, Ship owner’s liability, and Freight Forwarders liability.
