Marine Insurance

Marine Cargo Insurance

Cargo insurance covers the loss, damage or theft of commodities while in transit. There are different types of marine cargo insurance coverage, such as:

  • Annual Marine Cargo Insurance : Annual premium based on the value of all shipments that the insured is responsible to insure.
  • Single Marine Cargo Insurance : Single marine cargo insurance is for “one-off” insurance cover for import or export shipments.
  • Marine Open Cover Insurance : Allows individual or periodic declaration of shipments (eg monthly, quarterly) with premium payable on each declaration.

Commercial Floater Insurance

Covers accidental property loss or damage for floating assets caused by
(1) fire and fire allied perils at the insured’s storage site;
(2) in transit from one insured’s site to another.


Marine Hull Insurance

Institute Time Clauses (ITC)-Hulls is the most widely used policy form. It may cover hull, machinery, collision liability, and disbursement as expressly declared.

(Source : Fact Book / Non-Life Insurance Association of the R.O.C.)