Marine Insurance

Our marine insurance policies provide extensive safeguards against risks related to all marine operations, including cargo transportation, hull and machinery coverage, and marine liability. It covers accidental physical damage to the vessel caused by collision, theft, sinking, and other perils.

Marine Hull Insurance

Hull insurance further covers the lifeboats, rafts, stores, supplies, furniture, electrical machinery, boilers, motors, generators, and all physical equipment needed to operate the ship.

We cover hull and machinery insurance for all types of ships and vessels and their equipment, including:

● Container ships

● Oil and gas tankers

● Bulk carriers

● Passenger vessels

● Tugs and barges

● Towboats

● Offshore energy support vessels

This type of insurance can be issued for a single ship or a whole fleet.

Types of Marine Insurance Policies

Hull and Machinery Insurance

Provides comprehensive coverage for physical loss or damage to all types of vessels. Policies are customized to meet the unique requirements of individual clients, ensuring optimal protection for their maritime assets.

Disbursements/Increased Value Insurance

This additional coverage, often called “Disbursement Insurance,” insures up to 50% of the vessel’s insured value in the event of a total loss. It enhances the financial safety net for shipowners, minimizing risks associated with total loss scenarios.

Hull, Machinery, and Increased Value (War and Strikes Risks)

Offers specialized protection against risks such as war, strikes, riots, and civil commotion. This coverage is typically an add-on to a vessel’s Hull and Machinery Insurance and can extend to

include war-related protection and indemnity risks. Note: Standalone war risk policies are not issued.

Loss of Hire Insurance

Designed to safeguard shipowners from potential revenue losses due to vessel unavailability caused by insured perils. This policy compensates for the loss of earnings from freight or charter hire, aligned with perils covered under the Hull and Machinery Insurance policy.

Protection and Indemnity (P&I) Insurance

Provides third-party liability coverage for all types of vessels. Arranged through international P&I clubs or commercial underwriters, this policy complements Hull and Machinery Insurance by addressing liability exposures.

Builders’ Risk Insurance

Covers physical loss or damage to vessels during their construction period. This policy is tailored to include risks associated with faulty design, extending coverage through warranty periods as specified in shipbuilding contracts.

Marine Cargo Insurance

This provides protection of goods from physical loss and/or damage when they are in transit by air, sea or land. We cover everything from import, export or inland transit. AlKoot policies can be flexible to the type and regularity if cargo transit.

Cargo policies are voyage policies, i.e., they cover the goods from one place to the next irrespective of the time taken for the voyage. Insurance commences from the time the goods leave the warehouse at the place named until it terminates at the named destination.

We provide robust protection for your business across both land and sea. Discover our diverse range of policies tailored to your needs.

Who needs Marine Cargo Insurance?

● Importers and Exporters

● Suppliers

● Processors and Distributors

● Manufacturers

● Commodity Traders

Marine Cargo Insurance Coverage by AlKoot

AlKoot offers international-standard Marine Cargo Insurance coverage, adhering to globally recognized Institute Cargo Clauses (ICC) A, B, and C. These policies are tailored to cover diverse cargo shipments worldwide, whether to or from insured warehouses or ports, based on INCO Terms.

Institute Cargo Clauses (ICC): Overview

● ICC ‘C’ Clause: Covers specific risks including:

○ Fire or explosion.

○ Stranding, grounding, or sinking of the vessel.

○ Overturning or derailment of land vehicles.

○ Collision or external contact of the vessel.

○ Discharge of cargo at a distressed port.

○ General average, salvage, and jettison.

● ICC ‘B’ Clause: Includes all coverage under ICC ‘C’ with additional protections for:

○ Earthquake, volcanic eruption, or lightning.

○ Washing overboard.

○ Sling loss (e.g., total loss during loading/unloading).

● ICC ‘A’ Clause: Provides All-Risk Coverage, ensuring comprehensive protection for physical loss or damage to cargo, except for specific exclusions such as:

○ Willful misconduct of the insured.

○ Ordinary leakage, breakage, wear and tear.

○ Inherent vice, delays, or financial defaults of vessel owners.

○ Nuclear perils, war, and SRCC risks.

For an additional premium, AlKoot can extend coverage to include War and SRCC risks under Marine Cargo Insurance.

Specialized Clauses for Additional Coverage

● Institute Air Clause: Offers All-Risk protection for air cargo shipments, mirroring ICC ‘A’ coverage while
   excluding the same specific risks.

● Land Transit Coverages:

○ All Risks: Comprehensive protection against partial or total loss during land transit from insured perils.

○ Basic Coverage: Covers loss caused by accidental damage to land-carrying vessels.

○ Optional Extensions:

■ Strike, riot, and civil commotion (SRCC).

■ War risks.

Major Exclusions

Marine Cargo Insurance policies do not cover:

● Mysterious disappearances or unexplained losses.

● Exclusions specified within standard clauses, such as inherent vice or financial insolvency.