Marine insurance protects the buyer from the loss of the goods when that merchandise is transferred by Sea. Marine insurance covers the loss or damage of vessels, cargo and freight, terminals, and any transport or cargo by which the stuff is transported, attained, or seized between the points of origin and the last destination.
UGIB expert consultants provide international standard Marine Insurance Solutions that are customized to suit importers, exporters, vessel owners, operators and local marines, leisure marine and marine operations globally.
This provides cover against accidental, physical loss and/or damages to the cargo during transit by sea, air, land or parcel post caused by war and strikes.
Open Cargo Policy
Open Cargo Policy is the best coverage for businesses that are constantly shipping cargo. It is primarily used to insure goods in transit.
This policy usually indicates the types of goods to be insured, sets geographic limits, establishes a maximum limit of liability for any one shipment, and enumerates the perils insured against, thus providing you the sought-after peace of mind. We will automatically cover all of your transits so you can focus on building your business.
Marine Hull Insurance
With our broad experience in all kinds of insurances, Marine Hull Insurance is one type of insurance that UGIB also provides. It is basically the insurance for all types of vessels, Ships, Motor tankers, Bulk Carriers, Vessels, Cargo Carriers and Yachts etc., and covers loss accidental loss or damage to boats used for commercial purposes, including assembly of ship and machinery as well.
When it comes to calculations of premium, numerous things are taken in to account, like manufacturing date, nature of vessel, and trade routes, etc.
We all know that there are a lot of challenges when your vessels are at sea. That is why it is best to always have your vessel protection ready, whether it is indemnity risk or protection to the machinery which includes:
- Hull & Machinery
- Disbursements, Increased Value and Excess Liabilities Risks
- Loss of Hire
- Protection & Indemnity Risks
- War Risk
- Pleasure Craft
- Marine Liability
- Kidnap & Ransom
- Builder’s risk insurance
INLAND TRANSIT/GOODS IN TRANSIT (GIT)
The Inland Transit Insurance plays a crucial role by covering the insured merchandises when being transported by land, it can be by trucks, vans, or trains. These policies have been generated to protect from loss or damage to the cargo during domestic transit, whether by road, rail, or by air.
It is essential to note that Inland Transit Insurance would become effective from the time the goods leave the storage or warehouse and would get terminated as soon as the delivery is made. This policy can also be acquired by farmers to safeguard their goods while being transported in their own vehicles.
PROTECTION & INDEMNITY
Protection and Indemnity Insurance (P&I) offers cover for unrestricted risks that old-fashioned insurers would hesitate to insure. Typically, Protection and Indemnity Insurance cover comprises of carrier’s third-party risks for damage to cargos onboard during transportation, battle risks and risks of environmental damage such as oil leaks and contaminations.
SHIP BUILDERS RISK HAULER'S LIABILITY
The Vessel or Hull Builder’s Risk insurance policy is designed to cover a vessel and related property and materials from the start of construction through the final delivery to the customer. Coverage can be placed for the builder or owner of the vessel and insures against physical loss or damage to the vessel and collision liability and protection and indemnity exposures during sea trials and delivery.
SHIP REPAIRER'S LIABILITY
The Ship Repairers Liability policy is designed for ship repairers and offers protection for equipment under their care, custody, and control for damage to ships and vessels during renovation, overhauling, or alteration by the Insured.
Coverage can be loss or damage to a vessel while the Insured is involved with sea trials for fault diagnostics, transportation of the ship by the Insured to or from the proprietor, as well as liability of the Insured’s workmen while in operation at third party sites.
KIDNAP & RANSOM INSURANCE
Kidnap & ransom insurance protects organizations against the financial loss that can arise when their crew and/or vessel is seized or detained for ransom. It protects a shipowner against various costs that may not be covered under other insurance when a vessel is hijacked and/or the crew is kidnapped, and provides access to UGIB’s experts and other consultants that will assist to resolve the incident successfully. It provides cover for various costs such as ransom, in-transit loss of ransom money, crisis consultants, legal liability costs and additional expenses that a shipowner might have following an event where a vessel and/or crew has been hijacked or kidnapped by individuals who will only release them upon payment of a ransom.