Marine Insurance

Company provides coverage for all types of shipments sent by Sea, Air of by Road/Rail. Our marine insurance products also cater to the modern needs of business such as traders, shipping agents, terminal operators, stevedores, courier services, bonded carries, transporters. We also provide coverage to ship owners, managers and operators against various risks.

Marine Cargo Insurance

Our marine cargo insurances cover different risks depending upon the type of coverage sought by our customers. We provide all risks coverage as well as policies covering limited risks depending upon the needs of our customers. However all types of Insurance available cover the risks of General average, Salvage and Salvage Charges. Extended coverage of War & SRCC may also be obtained upon requirement.

Intended users

Ship owners, Cargo Exporters, Cargo Importers

Yacht Insurance

Yachts & Boats insurance covers Hull & Machinery, Collision and Legal Liabilities.

Hull & Machinery Insurance provides limited or comprehensive insurance for loss or damage to vessel against loss or physical damage. Coverage extends to all equipment that is mounted on the boat or used to operate it safely. Such equipment includes horns, lights, dinghies, boat & motor covers, signaling devices, depth finders, ship to shore radios, and boat furniture. Most policies also extend coverage to trailers that are designed for and used to transport the boat.

Collision & Legal Liabilities covers damage where an insured is legally obligated to pay arising out of the ownership or use of a covered vessel.

Boats can be insured for an agreed value amount, or, on an actual cash value (market value) basis. Engines are usually insured for replacement cost.

Commercial Vessel - Hull and Machinery Insurance

Construction Risks

During the period of the construction of a vessel, it may be insured with an insurance company familiar with handling of such insurance. Due to the fact that a Ship-owner's Yard is essentially a static, non-marine risk, it is possible that basically non-marine insurer will take on the risk of covering a vessel while it is under construction, but generally it is unsatisfactory. Cover will be required for a whole period of construction, which may last for two or three years and as the builder frequently accepts responsibility for the launching of the vessel, its tests, sea-trials and possibly its delivery voyage, builder's risks policies issued in the marine market include full marine cover accordingly. The Institute Clause for Builders' Risks provides a comprehensive form of cover in this respect. Cover can be extended to include War risks but due to the operation of the "Waterborne Agreement"; the vessel is only insured while she is waterborne i.e. after launching.

Period Of Insurance

The customary practice is to effect Hull policies for a period of 12 months. The clauses contain, however, the "Continuation Clause" which provides that if at the expiration of the policy the vessel is at sea, or in distress, or at a port of refuge or of Call, the vessel shall, provided previous notice is given to the underwriters, be held covered at a pro-rata monthly premium to her port of destination. This clause provides protection for an insured in the event that vessel was known to be in a damaged condition at sea or feared lost and the policy was nearing termination, naturally making it difficult to obtain renewal of the policy. These days most renewals are arranged well ahead (negotiations frequently commencing two months before expiry) and the need for this clause has, therefore, been reduced.

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Horizon Insurance Broker