Marine Insurance
Marine Cargo
Marine Cargo Insurance Policy offers protection against loss, theft or damage to goods/property conveyed by sea and waterways such as rivers, lakes and canals, as well as personal effects carried by air are also covered. This ensures that investments of importers and exporters are safe.
The Marine Cargo Insurance can also be used as collateral to establish letters of credit with the banks.
Importers and Exporters are faced with many and varied risks associated with goods in transit. Marine Cargo Policy offers three main covers namely; Interim Cover, Single Cover and Open Cover.
INTERIM COVER:
The Marine Interim Cover protects Importers and Exporters who do not yet have full details of their shipment to be insured once they provide the suppliers invoice.
Single Transit Cover:
It usually covers one–off case(s) that is from one port to another for a specified interest.
OPEN COVER:
The Insurer agrees to insure and the Insured/ customer agrees to declare all imports and exports on receipt of the bill of laden. This cover gives 24hour protection all year round and grants automatic insurance even before imports and exports start.
Marine Hull
Hull and machinery of a ship or vessel
The legal liabilities of the ship owners on the high seas. This includes collision and negligence of the master and crew.
Disbursements and stores
Ship Repairers Legal Liability
Stevedore and Shore Handling Insurance
Having cargo as part of your day-to-day business brings with it a large amount of risks. Our Stevedore and Shore Handling insurance will compensate you in the following circumstances:
- A third party experiences personal injury or property damage at the places specified in your policy.
- Sudden physical loss of or damage to your plant and equipment in your care, custody and control.
- Liability for financial loss incurred by your customer as a direct result of customer goods being lost, destroyed or damaged.
- Damage to your imported and exported cargo during removal and/or transfer from Vessel to Stack (or the other way around), within the peripheries of the port.
- Any authorised law costs and expenses you incur.
- Costs and expenses that you are legally liable for relating to the removal or recovery of customer goods and the disposal of any debris, as long as these relate to a documented sudden and accident occurrence.
Frequently Asked Questions
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What are the types of insurance?
General Insurance – General Insurance provides financial security and protection for your movable & immovable assets and investments. It could be your house, vehicle, office assets, business operations, personal belongings, etc.
Types: Motor Insurance, Travel Insurance, Home Insurance, Personal Liability, Business Insurance, Property Insurance and more.
Life Insurance – Life Insurance plan(s) pays a certain amount of money (lump sum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Types: Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Funeral Plans, Short Term Guarantee Plans, Systematic Investment Plans and more.
Health Insurance – Health Insurance gives coverage for the insured’s medical or hospital expenses.
This assures that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized. Types: Individual Health Plans, Family Health Plans, Corporate or Group Health Plans, Critical Illness Plans, Preventive Health Plans and more.
Micro-insurance – Micro-insurance as the name suggests, encompasses of life, health and general insurance but offers coverage to low-income households or individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury or death. Some of these risks include agricultural insurance, insurance for theft or fire, health insurance, term life insurance, death insurance, disability insurance and insurance for natural disasters and more.
How to choose an insurance company
Here are some of the things that you need to consider before choosing an insurance plan, hence a company:
• The reputation of the insurance company
• Compare the benefits and coverage of their policies.
• Is it the right type for your needs?
• What is the claims settlement ratio?
• Terms and Conditions of their policies.
• Policy serving and claims handling (are they prompt and efficient).
• If you are ready to explore your options, then let the experts assist you!
How to choose the best insurance plan
1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.
What is insurance excess / deductible?
An example; If a motorist had a car insurance policy that has a policy excess of 10% and files in a claim for damage to his/her vehicle amounting to GH¢10,000, he/she would have to cover the first GH¢1,000 (ie.10% of the claim amount), with the insurer covering the remaining GH¢9,000.
It is possible to opt for zero excess or buy the excess off…however; the insurer has the prerogative in accepting or even increase it depending on the risk in question.
What is an insurance policy?
What is a quote?
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