Sri Lanka is strategically located on major trade routes that connect key players in the industry. Businesses and organization that are involved in the main trade of imports and exports rely heavily on ensuring their cargo is safely transported to and from the ports. Getting marine insurance coverage in Sri Lanka is crucial to ensure your products have been covered for, in the unlikely event of loss or damage. Continental Insurance offers a range of comprehensive marine insurance policies that covers all aspects of the marine industry related businesses.
Marine insurance coverage is an indemnity contract as an assurance for the safety of goods during the transportation between two vessels, ports etc. Marine insurance covers losses and damages to ships, cargo, terminals etc. Despite what the name implies, marine insurance covers all means of transportation, such as shipping by air/parcel post or event land transits.
Generally, for all domestic and international import-export trade proceedings marine cargo, Hull, P&I insurance is a legal requirement. Marine insurance is essential to keep your items/vessel safe in the event of damages, losses that result from accidents, collisions or any unforeseen event.
As an importer or exporter, you are at risk of losing or having damage to your precious goods during the shipping process. Natural causes such as earthquakes, collisions, storms and water damage and man-made causes such as vandalism, piracy, fire, and water damage during fire extinguishing are a few of the perils that are usually covered in import and export marine insurance policies. Terms of each policy may differ from the other, based on the requirements of your business.
Marine insurance also protects the policyholder’s goods transported by land. A range of possible perils are covered, and according to the contract, terms may include transit, loading & unloading, natural perils based on your requirement and nature of cargo.
Stock throughput policy refers to continuous risk coverage for your goods throughout the supply chain; an end-to-end protection for your cargo. The stock can be any movable goods including raw materials, finished and semi finished products. It is covered during the transit, undergoing processes except for manufacturing damages and during storage owned by the policyholder or a third party.
This is a special insurance policy designed for pleasure craft owners. If you own a yacht for private use or commercial use, this policy protects the yacht against all perils at sea and provides liability cover for the employees and the passengers as well.
Due to its importance and unique features, the vessel’s hull is insured by a special policy. This policy covers the vessel’s hull and machinery against collisions, explosions and other perils caused by natural reasons and the negligence of crew members, master officers and pilots.
Also called marine liability insurance, this policy covers, generally, all maritime liability risks associated with the ownership, operation of the vessel, and third-party services whilst during operating the vessel.
Marine open policy allows you to add multiple requirements to design a bespoke solution for your business. Open covers, by contrast, is one comprehensive blanket coverage that covers your business’ continuous marine operations without having to add new policies for each shipment.
Getting marine insurance for your business is required by law in many countries. You can talk to our marine insurance experts to find the best policy to cover your requirements.