Marine Insurance
A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent agreed, against losses incidental to marine adventure. There is a marine adventure when any insurable property is exposed to maritime perils i.e. perils consequent to navigation of the sea. The term 'perils of the sea' refers only to accidents or causalities of the sea, and does not include the ordinary action of the winds and waves. Besides, maritime perils include, fire, war perils, pirates, seizures and jettison, etc.
Types of marine insurance:
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Hull & Machinery Insurance: covers the insurance of the vessel and its equipment i.e. furniture and fittings, machinery, tools, fuel, etc. It is effected generally by the owner of the ship.
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Cargo Insurance: includes the cargo or goods contained in the ship and the personal belongings of the crew and passengers.
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Protection & Indemnity Insurance:is one in which the insurer undertakes to indemnify against the loss which the insured may suffer on account of liability to a third party caused by collision of the ship and other similar hazards
Types of Marine Insurance Policies:
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Voyage policy: is a policy in which the subject matter is insured for a particular voyage irrespective of the time involved in it. In this case the risk attaches only when the ship starts on the voyage.
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Time policy: is a policy in which the subject matter is insured for a definite period of time. The ship may pursue any course it likes, the policy would cover all the risks from perils of the sea for the stated period of time. A time policy cannot be for a period exceeding one year, but it may contain a 'continuation clause'. The 'continuation clause' means that if the voyage is not completed within the specified period, the risk shall be covered until the voyage is completed, or till the arrival of the ship at the port of call
Arsenal-Kyrgyzstan Insurance company considers marine insurance as one of the major and most important business areas. We are committed to the relationship of our clients and always aim to a long-term cooperation.
We offer a full range of Marine risks insurance.
Arsenal-Kyrgyzstan Insurance company marine presentation