Marine insurance gives the protection against financial damages and/or losses from areas like Marine Hull, Cargo and Oil & Energy Risk.
Marine Hull
As one of the Top 5 Marine Hull insurers in Singapore, we are world renowned underwriters of Marine Hull businesses.
We offer end-to-end coverage for Marine Hull businesses from end-to-end, ensuring full and proper coverage for your interests. Our insurance coverage extends to various types of ships including tankers, bulkers, LNG carriers, containers etc., and we specialize in blue-water fleets. Our team works toward providing a seamless and hassle-free insurance protection for ships, machinery, ancillary interests, builder’s risks and ship repairer’s liability.
Coverages of the insurance policy mentioned as below:
- Hull and Machinery We provide coverage for physical loss or damage to the hull and machinery of the ship including associated collision liability. We are also able to make customised quotes for your specific requirements
- Increased Value/Disbursement We provide coverage of expenses in addition to the market value of the ship for fitting out and running of the vessel, ship replacement, office expenses etal. In most cases, expenses get covered up to 25% of Hull & Machinery value in cases of total loss
- War Risks We provide coverage of expenses in addition to the market value of the ship for fitting out and running of the vessel, ship replacement, office expenses etal
- Mortgagees Interest In situations where Mortgagees are owed outstanding monies in the event of non-payment of claim, we act in the Mortgagee’s interest in the event of the breach of warranty by operators of the vessel
Oil & Energy Risk (Upstream)
We provide support to clients with offshore energy insurance requirements including third party liability cover. Our energy risk portfolio is on a worldwide basis and helping clients mitigate the various risks and challenges in an increasingly uncertain scenario and interest areas are
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Upstream oil and energy operations involving various risks in drilling, including the following:
- Construction All Risks
- Exploration, Development and Operations of oil wells -
We also provide coverage for oil platforms, rigs, mobile offshore drilling units, single point moorings, FPSOs and associated pipelines and assemblies
Cargo
Our range of Marine Cargo policies are specially tailored to ensure protection for goods in transit across land, air, and sea. We provide warehouse-to-warehouse coverage for goods in transit on a worldwide basis, protecting you against a wide variety of risks commonly faced in the Marine Cargo industry, including war and terrorism risks. If you have specific requirements that require a bespoke solution, we can customise a tailored plan of coverage for you. With our network of worldwide claim settling agents, experience ease in processing claims in the event of damaged cargo.
Marine Cargo Open Cover
- Our Marine Cargo Open Cover caters to clients who regularly make shipments around the year, saving you the hassle on purchasing separate insurances for every shipment you make
- All shipments are covered under pre-agreed terms and conditions
- It is important to note that you must declare all shipments to us falling within the terms of agreement
Project Cargo & Delay Start Up Cover
- Industrial complexes and large power plants may wish to take on Project Cargo and Delay Start Up Cover during their establishment stages
- Movement of heavy equipment and large, costly machinery to their project sites may involve damage or loss to critical machinery, and subsequent repair and replacement causes unnecessary delay and financial loss
- Our Project Cargo and Delay Start Up Cover provides complete peace of mind against unforeseen calamities that cause your project to be delayed
Single Voyage Marine Cargo
- We provide coverage for goods in transit between two or more places, with responsibility to take insurance depending on the terms of sale for your cargo
- Our Single Voyage Marine Cargo cover insures goods the moment they leave the warehouse, continues throughout the ordinary course of transit including incidental storage, and ends upon delivery to agreed final destination/warehouse
- Our Project Cargo and Delay Start Up Cover provides complete peace of mind against unforeseen calamities that cause your project to be delayed