5 Marine Insurance Policies You Can Add To Your Insurance Package

5 Marine Insurance Policies You Can Add To Your Insurance Package

Marine insurance is incredibly important for ship owner, cargo owner or freight companies. Firstly, it covers cargo owners who traditionally had to cover the costs of any damages to, or loss of cargo themselves – regardless of whether it’s a result of a natural disasters or an accident. Secondly, it covers ship owners in the event of a vessel being damaged, or lost.

At Compendium, our Marine Insurance is highly customizable, allowing you to design an insurance package that suits any size vessel, type of cargo in an array of situations. Here’s a list of 5 different insurance policies you can add to your marine insurance package: 5 Marine Insurance Policies You Can Add To Your Insurance Package

Liability Insurance

A policy that protects your business against legal liability, it also takes care of your legal costs and pay outs.

Cargo Insurance

Cargo insurance covers either a particular type of cargo or all the cargo on-board a vessel. It also deals with any damages to cargo as a result of its exposure to the sea.

We are able to underwrite directly with Lloyd’s of London, allowing us to tailor your cargo insurance to suit your needs. We’ll insure your property with the broadest possible cover, at the most competitive premiums.

Inland Transit Cargo Policy

An Inland Transit policy covers cargo while it’s being transported via air, sea or land. This policy also covers cargo against theft as well as any damage or loss as a result of riots, strikes or fire.

Hull Insurance

Hull insurance covers physical damages to the vessel, as well as a vessel’s machinery and fuel.

Special hazards policy/war time risk

This policy covers loss of, or damage to both a vessel and it’s cargo in the event of piracy or war.

Our marine insurance is designed to protect you, regardless of whether you’re a ship owner, cargo owner or freight company. Customising your insurance package is one of the many benefits of our comprehensive Marine Insurance.

We’ll cover your valuable goods, anything from household possessions to large pieces of equipment and machinery. You’ll be covered regardless of whether your goods are transported via land, air or sea. You’ll also be covered whether you’re shipping locally, importing or exporting.

If you’d like to find out more about us, or how extensive our Marine Insurance is, visit our webpage at: www.cig.co.za , or contact one of our brokers on: 031 242 6800.

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