Marine Cargo Insurance policy covers loss or damage of cargo which is transported between the point of origin and final destination. There are 3 different types of coverage;
Destruction of an asset or property to the extent that nothing of value is left, and the item cannot be repaired or rebuilt to its pre-destruction state.
‘’Institute Cargo Clauses C’’
It covers partial and total losses due to FPA perils. FPA perils include the sinking, stranding, burning or collision of the vessels or catastrophic perils on shore such as earthquake, derailment, collapse of dock, fire, etc.
‘’Institute Cargo Clauses A’’
It is known as extensive coverage. It covers all risks except the exclusions as written below.
Exclusions;
This policy covers loss of or damage to valuable property such as cash, valuable documents, jewels, precious metals/stones mining etc...
This insurance covers loss of or damage to the vessels or other sea-and lake-going vessels or other related insurable benefits under the terms and conditions and during the period
of time stated in the policy. General perils covered by the policy:
This insurance is prior to have hull & machinery insurance policy from our company. This insurance for example covers following perils:
Loss of Hire insurance covers the insured for loss of income resulting primarily from physical damage to a particular insured vessel, or under certain special circumstances that prevent the vessel from leaving a port or similar limited area. To have H&M and W&S policy from our company is a obligatory for this policy.
This insurance provide insurance coverage while the ship and/or vessel and/or yacht are being under construction. The main risks covered by this policy are:
If demanded, earthquake and volcanic eruptions, war, civil commotions and riot may be added to the policy in return for additional premium.
This insurance covers loss of or damage to commercially or privately used pleasure crafts under the terms and condition of the Institute Yacht Clauses. The main risks :
Loss of life and property of third parties resulted by an accident caused by the yacht.
This insurance covers loss or damage to fishing boats which are longer the 2.5 meters and commercially used for fishing.
Within the framework of C.M.R convention and the conditions, terms, limits, exemptions and exclusions stipulated in the insurance contract, this policy covers the liabilities of the transporters.
The policy covers the legal liabilities of inland transportation companies in case of a realized risk occurred during the transportation of commodity belonging to their customer with their own or rented vehicle. Inland road carriers liability policy just covers the risks due to the fault of carrier according to Turkish Commercial Law within the conditions and limits of the policy.
This policy covers legal liability for loss or damage you or arising in connection with Goods in Transit under or by Contract, international convention, Statue or Common Law as carriers, Freight forwarders when such occupations and/or activities and any other occupations and/or activities are expressed in the policy.
This policy covers bailies' liability for damages to cargo of others while in the insured’s care, custody and control. It covers liability for loss of or damage to the property of others arising from loading, unloading, stowage and movement of cargo within warehouse.
This insurance covers liability imposed upon marina operators by law for loss of or damage to private pleasure watercraft and their motors, the property of others, while in his (their) care, custody or control of the premises Main risks covered:
This insurance covers assured shall become legally liable arising out of the assured’s activities as a port authority, port operator or harbor board at the insured location.
The policy covers the legal liability of the yard for loss of or damage to vessels which are in the custody, care or control of the assured or on which the assured is working. Cover also ambraces legal liability for loss of or damage to property and/or machineery removed from the ship and also liability for removal of wreck. Acts, claims in respect of the assured’s own or leased property as well as liability arising out of navigation or towage and claims in respect of vessels under construction by the assured.
