Marine Insurance

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Marine Insurance

Marine Insurance is a type of insurance which affords protection to the risks associated with a maritime adventure.
In a maritime adventure, the vessel in which the cargo or passengers are carried, and the freight and other charges associated can be insured under a wide variety of insurances.
Marine cargo, Hull & Liability are the commonest forms of Marine insurance. Every peril that can arise at sea in so far as such peril is within the Insurer’s capacity and appetite becomes insurable.

Types of Marine Insurances
Marine transit insurance is essential for protection of your valuable import or export cargo consignments during a voyage. Movement of all kinds of goods irrespective of their mode of conveyance, i.e. Sea / Land / Air may be insured either on the basis of values of individual shipments or on the value of annual or periodic shipments. The commonly used insurances for cargo are individual marine policies or open covers or open policies.

Marine insurance being an international form of insurance, the coverage can be arranged based on Institute Cargo Clauses A, B, or C.

Cargo clause A represent cover on an All Risk basis and Cargo Clause B & C represents a restrictive coverage based on named perils corresponding with international clauses B & C.

Cargo shipped via sea or air can become the subject of insurance under international clauses A, B or C.

For more details on Cargo Imports and Exports Insurance, please e-mail : info@orientinsurance.lk
Stock Throughput Insurance provides protection to your goods against physical loss or damage whilst at the global supply chain.
It covers transit, storage risks as well as risks encountered in the manufacturing process. However, Stock Throughput insurance does not cover any manufacturing defects.
For more details on Stock Throughput Insurance, please e-mail : info@orientinsurance.lk
Goods-In-Transit is a form of insurance covering risks associated whilst transporting goods on land. This insurance may also be arranged on the basis of Cargo Clauses A, B or C described under marine cargo insurance.
For more details on Good in Transit Insurance, please e-mail : info@orientinsurance.lk
Generally covers Tea, Rubber and Coconuts whilst in transit and stored at various locations island wide. Cover begins from the time of plucking and/ or tapping and/or purchased and/ or collection from suppliers in various locations and ends with buyer’s warehouses and/ or retail outlets anywhere in Sri Lanka and/ or to Colombo Port until FOB Steamer.

The premium is based on the Estimated Annual Carryings and is subject do premium adjustment clause

For more details on Produce in Transit, please e-mail : info@orientinsurance.lk
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