WHAT IS Marine Insurance
This cover is recommended for businesses whose operations involve regular importation of Raw materials, packaging materials, spares, etc and/or exportation of finished products from one destination to another by sea or air.
This policy covers the risk of loss, destruction or damage to goods in transit by sea or air.
The insurance is activated at the time the goods leave the warehouse or place of storage named in the policy for the start of the transit, continues during the ordinary course of transit and terminates either:-
On delivery to the consignees or other final warehouse or place of storage at the destination named in the policy or,
On the expiry of sixty days after completion of discharge of the goods from the vessel at the final port of discharge.
The indemnity provided under this policy is for “All Risks” of physical loss and/or damage to the goods whilst in transit from one country to another.
The cover considerations are based on;
Type of goods being carried
Packaging of the goods
Mode of transportation
Origins and destination of goods.
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