What is Marine Insurance?
Marine Insurance is a contract between an insurance company and an individual. It provides coverage for the loss or damage of ships, cargo, and terminals, including container terminals, ports, oil platforms, and pipelines during transportation from origin to destination. Furthermore, it covers import, export, and inland transit. This insurance ensures the safety of your business or trade by reimbursing the risks involved in transportation between ports.
Why Choose SGI Philippines for Your Marine Insurance Needs?
Here’s why you should consider insuring with us.
- Comprehensive Coverage: If you insure with us, you can benefit from extensive coverage for different financial liability possibilities.
- Fast Claims: Receive rapid turnaround times while raising claims towards financial losses sustained.
- Customer Assistance: Our customer support team will give you all the assistance you need during a claim.
Benefits of Buying Marine Insurance
The following are the benefits of buying our Marine Insurance with us.
Safety and Security
You can rest assured that if the worst happens to your cargo during transit, we will step in and support you in handling the financial repercussions.
Comprehensive Protection
Our policy provides coverage for a wide range of perils. For instance, we cover damages from risks such as exposure in open water, stranding, grounding, sinking, burning, collision, navigation errors, weather issues, and other perils.
Overall Protection
Not only do we cover the ship and its cargo, but we also provide financial protection to onboard equipment, crew, and passengers, providing necessary compensation for injuries.
Importance of Marine Insurance for Businesses
For businesses involved in cargo transportation, ensuring security and safety is paramount. Marine Insurance fulfils this need by providing a layer of financial safety. It encompasses coverage for the loss or damage of ships, cargo, terminals, and any means of transportation involved in the transfer of goods, including transportation via road, rail, water and aircraft.
By securing Marine Insurance, you can safeguard valuable shipments from potential losses or damages caused by accidents, theft, or natural disasters during transit. Thus, enhancing business resilience and stability. Moreover, having Marine Insurance will instil confidence in your trading partners, ultimately contributing to the overall success of your business.
Types of Marine Insurance Policies
Inland Marine
provides protection on products, materials and equipment which is the subject of insurance while they are transported on land such as by trucks, buses or trains.
Marine Cargo
Importing goods from one location to another, transporting them and the risks inherent on these voyages are among the coverages provided for in this type of marine policy.
Geographical Coverage of Marine Insurance
Engineering Insurance for buildings and civil engineering projects during construction can be complex and quite challenging. Contact a reputable insurance company like SGI Philippines and we can guide and make it easy for you to get the engineering insurance that suits you.
How to File a Marine Insurance Claim at SGI Philippines ?
Filing a claim with Sgi Philippines is very easy. In these instances, contact SGI Philippines Claims Department and we will guide you, step by step on how to file and process your marine insurance claim.
How to Download Your Marine Insurance Policy Copy
Upon purchase of Marine Insurance with SGI Philippines, after receipt of your payment, a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Features of Marine Insurance Policy
01.
Proposal and Acceptance
02.
Payment of Premium
03.
Contract of Indemnity
04.
Insurable Interest
05.
Utmost Good Faith
06.
Application of Subrogation
07.
Open Policy
06.
Assignment / Transfer
List of Documents Required for Marine Cargo Insurance Claim Process
- Accomplish a Marine Claim Form
- Submit copy of the original Insurance policy
- Submit Bill of Lading Copy
- Survey Report
- Correspondence Exchanged
- Claim Bill
Tips for Choosing the Right Marine Insurance Policy
The following are tips for choosing the right Marine Insurance Policy.
Assess Your Needs
Evaluate your business’s logistic-related activities and the risks involved. This will help you determine the extent of insurance coverage required.
Choose a reliable insurer
Ensure that you buy Marine Insurance from a reliable provider like SGI Philippines. This will save you a lot of hassle when you raise a claim.
Policy Flexibility
Look for a policy that offers the option to customise coverage. That way, you can choose essential coverage as per your insurance needs and budget.
CustomisatioComprehensive Coverage
Ensure that the policy you choose covers a wide range of risks, including damage to cargo, vessel-related perils and protection for the crew.
Claims Process
Before buying Marine Insurance, make sure that the claim process is smooth and the turnaround time is reasonable. This will save you a lot of hassle at the time of raising a claim.
Premium Costs
Consider your budget when picking a Marine Insurance Policy. However, keep in mind that the least cost doesn’t always translate to the best coverage.
01.
Fire or explosion
02.
Vessel or craft being stranded, grounded, sunk or capsized
03.
Overturning or derailment of land conveyance
04.
Collision or contact of vessel, craft or conveyance with any external object other than water
05.
Discharge of cargo at a port of distress
06.
Loss of Passport
While Marine Insurance coverage is wide and comprehensive, it does not include damage caused by insects, wear and tear, and also does not cover damages to items insured or properties that occurred prior to shipping, voyage or land travel.
Marine Insurance Terms Explained
Basis of Valuation
It is a formula that determines the value of the cargo on a ship during transit.
Commodity
This term is used to refer to the items that are going to be insured.
Incoterms
Short form for International Commercial Terms, this term describes 11 internationally recognised rules that define the responsibilities of sellers and buyers.
Proposer
This term refers to the individual who holds an interest in an insurable commodity.
Per Transit Limit
This term refers to the maximum commodity value permitted per transit.
Benefits of Buying Marine Insurance
The following are the benefits of buying our Marine Insurance with us.
Safety and Security
You can rest assured that if the worst happens to your cargo during transit, we will step in and support you in handling the financial repercussions.
Comprehensive Protection
Our policy provides coverage for a wide range of perils. For instance, we cover damages from risks such as exposure in open water, stranding, grounding, sinking, burning, collision, navigation errors, weather issues, and other perils.
Overall Protection
Not only do we cover the ship and its cargo, but we also provide financial protection to onboard equipment, crew, and passengers, providing necessary compensation for injuries.
Features of Marine Insurance Policy
01.
Proposal and Acceptance
02.
Payment of Premium
03.
Contract of Indemnity
04.
Insurable Interest
05.
Utmost Good Faith
06.
Application of Subrogation
07.
Open Policy
06.
Assignment / Transfer
Benefits of Buying Marine Insurance
The following are the benefits of buying our Marine Insurance with us.
Safety and Security
You can rest assured that if the worst happens to your cargo during transit, we will step in and support you in handling the financial repercussions.
Comprehensive Protection
Our policy provides coverage for a wide range of perils. For instance, we cover damages from risks such as exposure in open water, stranding, grounding, sinking, burning, collision, navigation errors, weather issues, and other perils.
Overall Protection
Not only do we cover the ship and its cargo, but we also provide financial protection to onboard equipment, crew, and passengers, providing necessary compensation for injuries.
List of Documents Required for Marine Cargo Insurance Claim Process
- Accomplish a Marine Claim Form
- Submit copy of the original Insurance policy
- Submit Bill of Lading Copy
- Survey Report
- Correspondence Exchanged
- Claim Bill
Marine Insurance Terms Explained
Basis of Valuation
It is a formula that determines the value of the cargo on a ship during transit.
Commodity
This term is used to refer to the items that are going to be insured.
Incoterms
Short form for International Commercial Terms, this term describes 11 internationally recognised rules that define the responsibilities of sellers and buyers.
Proposer
This term refers to the individual who holds an interest in an insurable commodity.
Per Transit Limit
This term refers to the maximum commodity value permitted per transit.
Frequently Asked Questions
Typically, the coverage of a marine insurance , includes damage to cargo, ship, etc., between the point of origin and the point of destination.
This is a special type of Insurance falling under the Special Risks category, and it covers vessels hull and torso, along with the other parts of the ship and it’s furnitures.