Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
SALIENT FEATURES
ICE has secured market-leading capacity to place and manage the largest risks, backed by our A range re-insurer ratings, our marine insurance expertise covers:
Cargo Insurance
Comprehensive insurance for all stages of the distribution chain, including goods in transit, storage risks, international insurance programs and project cargo for specialist shipments.
Marine hull & machinery insurance
Hull and machinery coverage for all types of blue- and brown-water shipping, from dry bulk to tankers, cruise liners and container vessels to tugs and inland vessels, plus shipyards and building risks, as well as specialist cover for mega yachts, yachts and pleasure craft.
Marine liability insurance
A full range of marine liability cover for primary and excess liability, as well as specialty liability products for marine operations and people working in the marine industry.
What do we insure?
- Agricultural products
- Bulk goods (dry and liquid)
- Containerized consumer products
- Electronic components
- Food and beverages
- Industrial equipment
- Pharmaceuticals
- Project cargo
Who are our clients?
- Importers and exporters
- Manufacturers and distributors
- Logistics providers (including ocean and air cargo carriers)
- Wholesalers and retailers
PIRACY INSURANCE
Piracy for ransom (sometimes referred to as kidnap and ransom) coverage should be a serious consideration for Owners and operators of ocean-going craft conducting transits of the high risk areas. We work with you to design, develop and place innovative and bespoke insurance programs. We can arrange Piracy cover for kidnap & ransom and loss of hire cover.
Our scope of cover can include:
- Crisis management/response team and support by a highly experienced response team to assist in the successful resolution of any incident.
- Ransom surrendered by or on behalf of the assured to meet a kidnap or an illegal seizure demand.
- Loss of ransom in transit by actual damage, destruction, disappearance, confiscation, seizure, theft or wrongful abstraction.
- Comprehensive coverage of fees and expenses necessarily incurred for the duration of an insured event.
- Legal liabilities settlements or awards, fees and judgements imposed upon and paid by the assured as a result of an action for damages brought by or on behalf of any insured person as a result of a hijacking.
- Personal accident comprising loss of limb, loss of sight, loss of extremity, permanent total disablement or death of a covered person as the result of an actual or attempted insured event.
THE HISTORY OF MARINE INSURANCE
Marine insurance has a colorful history, beginning informally in England during the 17th century. In 1906, the Marine Insurance Act was passed under British law, creating a standard operating procedure for policies that dictates the world’s policies to this day. The standards set forth by the act are considered reasonable, but due to changes in technology and social standards, the act is generally seen as obsolete and is being replaced by more modern legislature.