Marine & HullMarine Cargo (Sea, Air & Land)
Marine cargo insurance covers goods in transit by sea, air or road against loss or damage, from the supplier's warehouse to the final destination, including the handling and storage in between.
Most Saudi businesses import plant, materials and stock through Jeddah Islamic Port, King Abdulaziz Port in Dammam or the Kingdom's air cargo terminals, and move them onward by road over long distances. Cover can be arranged shipment by shipment, or as an open policy that declares consignments as they move.
Risk Coverage
- Sea perils
- Fire & explosions
- Violent theft
- Piracy
- Breakdown due to accidents resulting from nuclear installations
- Contact with aircraft
- Earthquakes, volcanic eruptions or lightning Loading accidents
- Boiler bursting
- Shaft breakage
- Negligence of masters /repairers /charterers
- The policy covers the losses occurring to the goods during transport by road owing to an accident covered by the insurance and resulting in overturning, fire or collision of a vehicle with a carrier, leading to damage of the cargo loaded on the goods-carrying vehicle.
- It is essential to note that inland Transit insurance coverage only includes those goods which are being transported by land, like trucks, cargo vans, trains, etc. It means sea and aerial modes of transports are not covered under the policy. Usually, the policy offers for goods which are being transported domestically.
Pre-requirements
Broker of Record- Commercial Registration
- Wassel /National Address
- VAT Certificate
- 3 years claims experience
- A declaration letter if first time insurance
- Proposal Form