Marine Insurance
This type of insurance covers any lost or damaged ships, shipped goods, or other goods/properties transferred from one place to another. It also covers these ships and/or goods during their transport, up until the point that they reach their final destination.
Marine insurance is comprised of the following:
A. Air Cargo
Air Cargo All Risks: Insurance that covers goods transported by air.
Air Cargo Total Loss: Insurance that covers goods that sustain total physical losses or damages while being transported by air.
B. Land Transit
Land Transit All Risks: Insurance that covers all risks, losses, or deficiencies sustained by goods while being transported by land.
Land Transit: Insurance that covers accidents sustained by materials and goods being shipped by land.
C. Marine Transport
Insurance that covers goods during their transport by sea. Its contracts cover the following:
Clause A: Marine insurance that covers losses caused by all risks.
Clause B: Marine insurance that covers the full – not partial – loss of the package or parcel caused only by the insured risks.
Clause C: Maritime insurance that covers goods that have sustained total physical losses and damages while being transported by sea.