MARINE CARGO INSURANCE POLICY

Importers and Exporters are faced with many and varied risks associated with goods in transit. The 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. Imports and Exports and Personal Effects carried by air are covered too. The Marine Policy can be used as collateral to establish letters of credit with the banks.

Marine Cargo Insurance Policy is of two (2) kinds, namely:-

• 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.

• OPEN COVER:

With the Open Cover, SIC agrees to insure and the Insured agrees to declare all imports and exports on receipt of the bill of laden. This cover gives you twenty-four hour protection all year round and grants you automatic insurance even before you think of your imports and exports.

The Aviation Insurance has to do with the risks associated with the use and operations of Aircraft. Policy available includes the following:

1. Aviation Hull All Risks & Liabilities Policy:

The Policy covers physical loss or damage to the following: -

1. Aircraft owned or operated or leased to the insured.
2. Passengers Liability in respect of death or bodily injury.
3. Death or Bodily Injury to third parties not being carried in the aircraft.
4. Loss or Damage to third party property.

• Aviation Hull War Risks Policy:

War / Hijacking risks are excluded under the Aviation Hull All Risks cover. However, this policy provides cover for the above exclusion at an additional premium. There must have been in force an Aviation Hull All Risks Policy to enable you take out this policy.

• Aviation Hull Deductible Policy:

At an additional premium, this policy allows the insured (Airline Operators) to purchase protection for the deductible imposed under the Hull All Risks Policy. The Deductible is a stated amount or a percentage of a claim amount for which the insured will be responsible in the event of a claim.

• Aircrew Personal Accident Policy:

This covers the Airline Operator for his liability to his aircrew employees arising from death or bodily injury sustained in the course of employment. This includes Pilots, Flight Engineers and Cabin Staff.

• Loss of Flying Licence Policy:

This policy protects the pilot’s loss of earnings as a result of illness or accidental bodily injury, which renders him incapable of working or functioning as a pilot. This policy can be effected by an airline operator on behalf of its pilot(s) or be effected by the pilots personally.

The Marine/Aviation Liability Policies includes the following:

• Ship Repairers Legal Liability Policy:

This policy offers a ship repairer indemnity for loss of or damage to vessels in his care, custody or control. Cover extends to loss of or damage to machinery or equipment of any vessel whilst such machinery or equipment is removed from such vessel during repairs.

• Removal of Wreck

• Stevedoring and Shore handling Liability Policies: These policies are designed to meet liabilities that may arise from loss of or damage to third party property i.e. cargo and vessel due to stevedoring and Shore handling operations.

Stevedoring operations involves the loading and unloading of vessels and Shore handling operations on the other hand involves the movement of cargo from the port warehouse to the quay alongside ship for loading or the movement of cargo from quay to port warehouse.

Shore handling operations commence where stevedoring operations end in the case of imports and stops where stevedoring operations commence in the case of exports.

The policies also cover death or bodily injury to third parties arising from stevedoring/Shore handling operations.
Plant & Machinery not owned but hired to the operator(s) is covered as well.

• Airport Operator’s Liability Policy:

Anyone who operates in an airport is subject to a variety of liabilities which can be grouped into three (3).

• Premises Legal Liability:

This policy protects the insured against claims arising out of the use of his premises by third parties or passengers. This may include liability arising out of faulty elevators or escalators; liability arising out of contractor’s works, shops, restaurants and newsagents is also covered if necessary.

• Hanger-Keepers Legal Liability:

The airport operator may act as bailee for aircraft parked over-night or for longer period. The hanger-keepers have liability for loss of or damage of the aircraft whilst it is in their care, custody or control.

• Products Legal Liability:

Aircraft serviced or repaired on the premises or fuel sold, supplied or provided by the airport operator may lead to claims.
The Policy may be extended to cover “control tower liability”.