Marine Insurance Policies

Marine insurance for commercial shipping purposes is absolutely necessary to protect the shipper against any perils. A marine insurance policy has many permutations which are dependent upon such factors as the vessel type, the purpose of the voyage and its destination, the cargo and contents.

Global Group Insurance Brokerage through its vast knowledge & experience serving the community in Kuwait has developed an array of marine insurance services that fit whatever type of vessel, whether it is a pleasure craft like a yacht, a working vessel like a fishing boat, or a huge container ship used in shipping. Factors such as size, construction (fiberglass, wood, etc.), a method of propulsion and whether it will carry cargo will all form the basis of the insurance policy.

Our products in this segment are:

Purpose

To provide insurance coverage for goods shipped via sea, land or air.

Brief write-up

Goods get exposed to various risks as soon as they depart from the warehouse of the sender until they arrive at their destination. The marine insurance policy aims at protecting the companies and institutions from the financial loss that may result from the loss of or the damage to their goods during the transit period.

Benefits.

The policy protects the interests of all parties concerned, including the shipper and the receiver, and any other institutions linked to the shipment whether financial or business.

Coverage.

The range of available insurance coverage is determined by the different types of policies according to various insurance terms. Such conditions and requirements of the insurance products vary depending on the different means of transport, whether by sea, air or land. The coverage in such situations can be comprehensive or limited.

The policies are subject to general exclusions depending upon the risks associated with certain types of shipments due to their nature such as leakage, loss of weight during transport, inefficient packaging before shipping, etc.

The material that can be covered in the shipping policies, for example, but not limited to:

General merchandise, whether shipped in containers or without containers. Bulk commodities.
Oil in bulk.
Materials of construction and industrial projects, etc.