Marine Insurance
Marine insurance
Insure the goods, ships, and aircraft before they move. CSI marine insurance covers ships, boats, and the cargo they carry, so owners and transporters can claim for covered damage. The policy is shaped to the journey.
Marine cargo
Cargo insurance covers goods on the move, by water, air, or land. It has three parts: import, export, and travel inside Pakistan.
Import: Goods coming into Pakistan are covered from the sending warehouse to the receiving warehouse. The sale is usually C&F (cost and freight) or CIF (cost, insurance, and freight).
Export: Cover runs from warehouse to warehouse. The sale can be CIF, or FOB (free on board), where the buyer arranges cover once the goods are on the ship.
Inside Pakistan: A broad plan for freight and goods travelling inside Pakistan, whatever the start and end.
Marine hull
Cover for ships that carry goods. It pays for loss or damage to the hull and the machinery from risks at sea.
What the ship cover pays for
- Dangers of the seas, rivers, lakes, or other navigable waters
- Fire and explosion
- Violent theft by people from outside the ship, cargo thrown overboard (jettison), or piracy
- Hitting a land vehicle, dock, harbour equipment, or installation
- Earthquake, volcanic eruption, or lightning
- An accident while loading, unloading, or moving cargo or fuel
- Burst boilers, broken shafts, or a hidden defect in the machinery or hull
- Negligence of the master, officers, crew, or pilots
- Negligence of repairers or the charterer
- Barratry: a wrongful act by the master, officers, or crew
- Contact with aircraft, helicopters, or similar objects, or objects falling from them
Aviation
Aviation involves large sums, and payment for death or injury can be larger still. Even a small aircraft, or a faulty part, can cause a major loss, so many general policies leave aviation out.
Aviation insurance is written for aircraft operations. It uses its own wording, limits, and clauses.
Who can buy aviation insurance
- Commercial aircraft operators
- Corporate and business aircraft operators
- Aerial work and air-taxi operators
- Private owners and flying clubs
- Aircraft manufacturers
- Airport and hangar owners and operators
- Aircrew
- Passengers
- People who ship goods by air
- Lessors, including banks and financial institutions
- Hang gliders
- Owners and operators of conventional gliders, balloons, and hovercraft
What aviation insurance can cover
- Aviation hull (all risks)
- Hull war and hijacking
- Spare engines and spares (all risks)
- Legal liability to passengers
- Legal liability to other people
- Legal liability for cargo
- Legal liability for mail
- General liability
- Loss of licence
- Personal accident