Marine and Aviation Insurance

The early Phoenicians, then the Romans had developed systems by which a sea voyage would be secured or protected. The famous coffee house of Lloyd's which went onto become the world's most important insurance institution had its roots in shipping and marine insurance.

Marine Insurance as being practiced today has its origin in 1779 AD. Lloyd's were the pioneers having issued Ship & Goods Policy Form which provided for loss or damage to the Hull as well as Cargo arising out of maritime perils along with the War risk.

Marine Insurance provides cover for Cargo & Hull as described below:

1. Cargo

This type of insurance covers goods whilst in transit by ship, air or road against the risks of Fire, explosion, collision, theft, breakage, sea water, leakage etc.

Types of Marine Cargo Insurance Policies:

1. Specific Policy (Single Voyage policy):
   This expires immediately upon arrival of goods to the stores of the participant and warehouses (of the contributor) at the country or city specified in the insurance policy.
2. Open Policy:
   This is beneficial to the contributor, who imports goods on a constant basis at short time intervals. This policy is normally issued for one year to cover shipments by sea/air between two specified terminals or on worldwide basis.
3. Carriers Liability:
   It provides protection for carriers against loss or damage of goods in their custody.
4. Road Transport
   The coverage provided includes equipment Insurance (e.g., trailers, containers and other associated equipment), Third Party Liability Insurance (e.g., injury and/or property damage to third parties and damage to or loss of third party equipment in his custody), liabilities for damage to or loss of cargo (e.g., road accidents caused by the road transport operator or his sub contractor or cargo stolen out of vehicle), and Cost & Expenses Insurance (e.g., costs incurred in defending the Contributor's claims.).
5. Ship Agents Liability:
   The cover is designed specifically to respond to the risks faced by ship agents, and can include Mis-delivery of cargo, incorrect statement in B/L and debt Collection Insurance as well as legal costs of pursuing outstanding disbursements.

2. Hull Insurance

It covers damages and losses occurring to ships, yachts, boats, original equipment, gear, tools and machinery relating thereto, to carry their work as disclosed within the insurance policy. It also covers third party liability within specified geographical boundary and a time period not exceeding one Gregorian year.

Hull insurance also covers the following:

1. Loss/damage to the contributor's ship arising from capture, seizure, arrest, restraint or detainment, also from consequence of hostilities or warlike operations, whether there be a declaration of war or not, civil war, revolution, insurrection or civil strike, mines, torpedoes, bombs or other engines of war.
2. Loss/damage to the contributor's ship directly caused by Strikes, locked-out workmen or persons taking part in political or labor disturbances, riots and civil commotions.

Types of Hull Insurance Policies:

1. Third Party Liability:
   In line with the State of Kuwait rules and regulations to cater to the needs of the contributor towards their liabilities to third parties whilst the contributor's boats (pleasure fishing/ boats/jet boat) are in Kuwait territorial waters for the limits.
2. Hull, Machinery & Equipment:
   A range of insurance policies, including supplementary and contingency coverage's for ship owners, managers and charters are available. Our team of specialists will recommend the scope of coverage's that compliments your business.
3. Builders Risk:
   Our "Builders Risk" covers that investment during the construction process from the time the keel is laid to the sea trails.
4. Ship Repair Yard:
   This covers liability for damages to vessels equipment and cargo on board during repair or alteration on while on trail trips.

Documents required For Insurance:

1. Filled in proposal form
2. Copy of the purchase invoice.
3. Copy of the Letter of Credit.

Documents required while reporting the occurrence of an accident:

1. A letter addressed to the company explaining the type of damage required to be assessed.
2. Original invoice
3. Original Bill of Lading
4. Packing List.
5. Claim form.
6. Letter of reserve directed to the carrier or customs.
7. Original copy of the shortage or damage certificate issued by the carrier or customs