Marine insurance is one of earliest forms of insurance business. There are basically two different types of cover, the liability insurance, often described as marine liability insurance, and the property damage insurance.
The actual transport insurance (goods in transit insurance) is an all risks cover (property insurance) with a few exclusions concerning non insurable events. It closes the financial gap between the amount of legal liability and the actual value of goods. Transport insurance provides coverage for the period between departure of the consignment until its arrival at destination.
Globalization requires ever longer haulage routes through countries considered as politically and economically instable. Problems of piracy and terrorist attacks increase the transport risk. Not only large corporations but medium sized industrial companies and businesses from the retail sector require comprehensive insurance cover. Transport risks are often beyond the control of the involved parties.
Therefore we provide various insurance solutions in the field of marine insurance, and offer individual and tailor-made concepts for your insurance protection.
In the field of marine insurance, there are different types of cover, such as:
- Cargo insurance, insurance of merchandise
- Marine liability insurance
- Insurance for transport on own account
- Fairs and exhibition insurance
- (Group) baggage insurance
There are basically two different calculation methods in the field of marine insurance:
- The premium rate for individual insurance policies, which are taken out for single transits or on a shipment-by-shipment basis, is usually based on the type of goods, value of goods in transit, means of transport and the haulage route.
- Floating policies are calculated on the basis of the risk involved – for example based on total sales or number of transports, regions, proportions etc.