Marine

ABNIC offers extensive coverage for Marine and Aviation risks. Our expert professionals ensure appropriate coverage at competitive prices and also offers valuable consultancy services on risk management.

We offer:

Marine Cargo

When goods are moved during the normal course of business, there is always a need for Marine Cargo Insurance. It covers the risks involved in transporting goods by Ocean Vessel, Aircraft, Barge, Rail, Truck or any other mode of transport.

Marine Cargo Insurance provides protection for goods being transported, indemnifying the Insured for physical loss or damage that results from an insured peril. The most important aspect of this type of insurance is that as an assignable document, the title can be transferred from one party to another. With Cargo insurance, the person who arranges and buys the policy is not always the person entitled to claim in the event of a covered loss.

Who is a potential Marine Cargo Insurance customer?

Any person who has an insurable interest in a shipment, and who would suffer a financial loss should the cargo be damaged or destroyed or would benefit from the safe arrival of the cargo, has a need for Marine Cargo Insurance.

Entities most often involved in such business are:

  • Suppliers, Processors and Distributors
  • Manufacturers
  • Commodity Traders
  • Customs Brokers
  • Banks
  • Wholesalers & Retailers
  • Logistics & Project Managers
  • Airfreight Carriers
  • Importers & Exporters
  • Freight Forwarders
  • Multi-national Companies
  • Warehousemen
  • Trucking companies
  • Couriers
  • Logistics management firms

 

Freight Forwarder’s Legal Liability

This insurance provides liability coverage to freight forwarders against the loss or damage to cargo while in their care, custody and control during transportation. The prime purpose of this type of insurance is to provide coverage against liability for loss or damage to cargo during transportation and loss or damage to containers, vehicles or transport equipment of third parties.

Who is a potential F.F.L.L. Insurance customer?

Any transport operator who may have actual or contingent exposures arising out of operations while providing freight services such as:

  • Freight terminals operators
  • Freight forwarders
  • Non-Vessel Owning Carriers (NVOC)
  • Road haulage operators
  • Parcel carriers
  • Courier services
  • Policy/Form Highlights

The Freight Forwarder’s Policy must be designed to provide clear-cut coverage and specific exclusions. We can specifically design and tailor make the coverage to suit the specific needs of the specific Freight Forwarder, Road Haulage Operator, and Parcel Carrier.

Standard form includes:
  • Loss or damage to cargo, containers, vessels or vehicles belonging to another party
  • Coverage to transport equipment belonging to another party
  • Liability against third parties
  • Errors & Omissions
Coverage can be tailored to meet the unique individual needs of our clients

Marine Hull

Commercial vessels involve a variety of crafts, operating either in Arabian Gulf, Gulf of Oman, Arabian Sea, and Indian Ocean or worldwide, whether a fleet or single vessel, we insure both the physical loss and damage to Hull & Machinery and Collision Liability arising out of the ownership and/or operation of vessels as per London Institute Hull Clauses

Types of vessels in the UAE market:

  • Ocean-going Vessels
  • Tugboats and Towing Vessels
  • Coastal Trading Vessels
  • Barges
  • Port Fleets, Port and Harbour Work Boats
  • Dredgers normally used for harbour maintenance and construction work
Who is a potential Commercial Vessel (H&M) Insurance customer?
  • Vessel owners
  • Vessel operators and managers
  • Mortgagees who provide finances for any of the vessels described above.
  • Time Charterers, who own, charter, operate or manage any of the vessels described above.
  • Policy/ Form Highlights
  • A standard set of “Institute Time Clauses– Hull” is normally used to cover commercial vessels.

Coverage can range from ‘Hull & Machinery’ and Total Loss as per London Market institute time clauses depending upon the needs of our clients and risk evaluation. The insurance coverage is on an Agreed Value basis.

Standard form includes:
  • Physical damage to the vessel’s hull, machinery and installed equipment
  • Sue and labour expenses (expenses to avert or minimize a loss)
  • Vessel’s proportion of general average and salvage charges
  • Primary Collision Liability and legal expenses
Extension of cover includes
  • Increased value (I.V.)
  • War, Strikes and Related Insurances
  • Protection & Indemnity Cover
There are other coverages available. We shall be happy to provide you with further details as and when required

Yachts and Pleasure crafts

Coverage is available for Yachts and Pleasure crafts, built by professional manufacturers that operate in the coastal waters of U.A.E, Arabian Gulf and Gulf of Oman. These are vessels primarily used for pleasure purposes.

Who is a potential Boat and Yacht (H&M) Insurance customer?
  • Any person who owns a boat or yacht and intends to operate it for pleasure purposes
Policy / Form Highlights

The insurance coverage can be provided on an Agreed Value or on a Current Market Value basis as required. The Policy is written in a ‘plain language’ style, which is far easier to understand than the traditional marine insurance policy and avoids technical jargon as much as possible. Cover is subject to Institute Yacht Clauses and various policy wordings.

Standard form includes:
  • Physical damage to the boat’s hull, machinery and installed equipment including outboard motors if specifically declared and agreed by the underwriters
  • Sue and labour expenses (expenses to avert or minimize a loss)
  • Salvage costs
  • Collision Liability
  • Liability to third parties arising out of ownership or use of the vessel
  • Removal of wreck expenses, where such removal is required by a Government Authority
  • Primary Personal Effects
Extension of cover includes:
  • Loss or damage to personal effects up to a specified limit
  • Loss or damage to a road trailer
  • Uninsured boaters
Liability towards passengers normally included in the Third Party Coverage subject to a limit to be agreed.

Marine Liabilities

Marina Operator’s Legal Liability

This insurance covers the legal liability of a marina operator towards the owners of private pleasure watercrafts. The coverage is designed to protect the Marina Operator against property damage which may occur to private pleasure vessels while in his care, custody and control. It also provides protection against liability for damage to customers’ watercraft, engines and outboard motors.

Who is a potential M.O.L.L. Insurance customer?
  • Any person who owns and/ or operates a marina.
Policy/ Form Highlights

The insurance protection is provided for operations of the Insured at his premises covering:

  • Repair, alteration, maintenance or service
  • Launching or Hauling
  • Docking at slips and spaces provided by the marina
  • Mooring
  • Storage
  • Fuelling
  • Damage to the property of others caused by operation of watercraft while in marina’s custody
Extensions of coverage include:
  • P & I on non-owned craft operated by the Insured
  • Delivery of boats to owners over land by trailer
Boat Dealers’ Legal Liability

This insurance covers the dealer’s stock for physical damage to vessels until sold and delivered to the owner. The policy can be extended to provide Hull & Liability coverage during demonstration afloat for a prospective buyer as well as for vessels being transported from the manufacturer’s yard for the purpose of sale. This type of coverage is usually written in conjunction with a Marina Operators Legal Liability policy.

Ship Repairer’s Legal Liability

This coverage insures the legal liability a ship repairer has for damage to vessels while in their care, custody and control. Many repairers have their own yards where all repair work is performed. Ship Repairer’s Legal Liability (SRLL) provides protection for contractors’ legal liability during the repair or alteration of a customer’s vessel at their shipyard, other locations, or at sea.

Who is a potential S.R.L.L. Insurance customer?

Vessel repairers and contractors who work on ship components.

Policy/Form Highlights

Liability for damage to vessels, equipment and cargo on board during repairs or alterations or while on trial trips. It may also cover damage to the property of others arising from the vessel under repair and include bodily injury.

The insurance is provided on London Ship Repairer’s Legal Liability Clauses.

ABNIC is also extensively involved in Aviation insurance and can provide cover for hulls and liabilities related to general aviation and airline industry.

Builder Risks Hull

Marina Operator’s Legal Liability

Building ships is a large, complex undertaking, and undesired events can occur at any time. ABNIC’s Hull Builder’s Risk coverage insures builders or owners against physical loss or damage to vessels during the construction period.

Our Hull Builder’s Risk insurance policy covers collision liability as well as protection and indemnity (P&I) exposures during trial trips and can also be extended to cover delivery trips. To help simplify your risk management process, our coverage is provided on standard marine industry forms, and limits are offered on per-vessel and/or per-yard basis.

Protection & Indemnity:

Covers a vessel owner’s liabilities arising out of the operation of vessels. Standard industry forms or pre-approved manuscript wordings are utilized, providing coverage for liabilities incurred as a result of damage to third-party property and injury to or death of crewmembers and third parties.

ABNIC is also extensively involved in Aviation insurance and can provide cover for hulls and liabilities related to general aviation and airline industry.

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