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Marine Insurance Policies
Marine insurance for commercial shipping purposes is absolutely necessary to protect the shipper against any perils. A marine insurance policy has many permutations which are dependent upon such factors as the vessel type, the purpose of the voyage and its destination, the cargo and contents.
Warba Insurance & Reinsurance through its vast knowledge & experience serving the community in Kuwait has developed an array of marine insurance services that fit whatever type of vessel, whether it is a pleasure craft like a yacht, a working vessel like a fishing boat, or a huge container ship used in shipping. Factors such as size, construction (fiberglass, wood, etc.), a method of propulsion and whether it will carry cargo will all form the basis of the insurance policy.
Our products in this segment are:
Goods Transport
Purpose
To provide insurance coverage for goods shipped via sea, land or air.
Brief Write-up
Goods get exposed to various risks as soon as they depart from the warehouse of the sender until they arrive at their destination. The marine insurance policy aims at protecting the companies and institutions from the financial loss that may result from the loss of or the damage to their goods during the transit period.
Benefits
The policy protects the interests of all parties concerned, including the shipper and the receiver, and any other institutions linked to the shipment whether financial or business.
Coverage
The range of available insurance coverage is determined by the different types of policies according to various insurance terms. Such conditions and requirements of the insurance products vary depending on the different means of transport, whether by sea, air or land. The coverage in such situations can be comprehensive or limited.
The policies are subject to general exclusions depending upon the risks associated with certain types of shipments due to their nature such as leakage, loss of weight during transport, inefficient packaging before shipping, etc.
The material that can be covered in the shipping policies, for example, but not limited to:
General merchandise, whether shipped in containers or without containers.
Bulk commodities.
Oil in bulk.
Materials of construction and industrial projects, etc.
3rd Party Liability
Purpose
To provide compensation for the liability on The Insured caused by loss of or damage the property of a third party during sailing.
Brief Write-up
Provide compensation for liability that may arise during the sailing.
Benefits
The policy protects the interests of all concerned parties; i.e. the owner, institutions, etc.
Coverage
The company provides various types of insurance policies against third-party liability based on to the amounts requested by the insured, and the location of the boat.
Hull
Purpose
This policy provides insurance cover on the hull of the vessel as well as any additional equipment/accessories from the inside or the outside.
Brief Write-up
Vesselss of all types and purposes are usually exposed to wide range of damages and risks that may cause significant financial losses. Therefore, the insurance on these vesselss is essential in order to avoid such loss in case of any accidents or damages.
Benefits
The policy protects the interests of all concerned parties; i.e. the owner, institutions, etc.
Coverage
The policy provides coverage for the body of the ship, its machinery and increased value.