SIC’s marine portfolio consists of hull and cargo. The cargo business covers insurance of goods carried on board ships or vessels and aircrafts. The hull business covers the insurance of ships, fishing vessels etc as well as the liability coverage of ports and harbour operators, stevedorers, shorehandlers, ship repairers and third party liability coverage of vessel owners or operators.
The Company’s aviation insurance products cover risks associated with the manufacture, ownership, operation, and maintenance of aircrafts and the operations of aviation facilities on the ground (i.e. airports and airport facilities).
Gross premiums from marine and aviation contributed an average of 18% of total gross premiums written for the years ended December 31, 2002 to 2006. In order to stay price competitive and maintain its loyal customers, SIC grants special discounts to select customers. The Company, however, does this without compromising underwriting profits.
MARINE HULL INSURANCE
The S.I.C Marine Hull Policy insures ocean-going vessels, crafts and fishing vessels. The Policy specifically covers loss or damage to: -
- Hull & Machinery of the 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
