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MARINE INSURANCE

  • MARINE INSURANCE

    MARINE INSURANCE POLICY

    Marine Cargo Insurance

    Marine Cargo Insurance: Cargo meaning the insurance or goods being conveyed. This refers to goods or merchandises that one being carried from one place to another or being imported or exported. Such goods or merchandise may be lost damaged or destroyed by perils of the seas whilst in course of transit and therefore, the owner of such goods can always insure against the possible losses.
    For the purpose of Marine Insurance goods/cargo carried by the following three ways:

    (a) By ship or steamer or powered vessel
    (b) By land conveyance (Truck/ Lorry / Rail) 
    (c) By Air.

    GOODS CARRIED BY SHIP ONLY

    Risk covered by ship or steamer or powered vessel against following three categories :-

    Institute Cargo Clause ‘A’ ( ICC ‘A’)
    The insurance covered all risks of loss of on damaged to the subject matter insured except as willful misconduct, ordinary leakage, ordinary loss in weight wear and tear, loss or damage caused by unsuitability of packing, inherent vice, delay, arising from insolvency or financial default of the owners of the vessel.

    Institute Cargo Clause ‘B’ ( ICC ‘B’)
    This insurance covered loss or damage caused by fire or explosion, stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contact of vessel craft, discharge of cargo at a post of distress, earthquake, volcanic irruption of lightning. This policy also covered general average sacrifice, jettison or washing overbroad, entry of sea, lake or river water, total loss of any package lost overbroad or dropped whilst loading on to or unloading from vessel.

    Additional risks covered on payment of additional premium 
    TP, ND, Hooks, Holing, bursting, Tearing, leakage loss, RFWD, Extraneous, Substance, Heating, Breakage and Scratching, Splitting.

    Institute Cargo Clause ‘C’( ICC ‘C’)
    This insurance covered loss or damage caused by fire or explosion, stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contact or vessel craft, discharge of cargo at a post of distress, earthquake, volcanic irruption on lighting. This policy also covered general average sacrifice, jettison.

    Additional risks covered on payment of additional premium: 
    Theft and Pilferage (TP) Non-Delivery (ND).

    GOODS CARRIED BY RAIL/LORRY/TRUCK

    Goods or cargo covered by above transports may be covered as under

    1. By Rail/Lorry/Truck Risk only 
    2. By Rail/Lorry/Truck All Risks.

    GOODS CARRIED BY AIR

    Goods or cargoes conveyed by above transport may be covered as under :

    1. Air Risk Only
    2. Air All Risk

  • Marine Hull

    MARINE HULL INSURANCE POLICY

     Hull means the insurance of ship. The ship is always at the risk of the perils of the seas and therefore, the ship owner can insure it against probable losses as such. The subject matter of hull insurance are usually:-

    a. Hull 
    b. Plant & Machinery 
    c. Refrigeration Machinery etc. 
    d. Freight (if the freight is after paid when at the risk of the ship owner)

    Direct risk covered under Marine Hull Insurance:

    Fire, theft, jettison, collision, contact, heavy weather, Stranding/ foundering, sinking, General average, Sue &labour charges. The Marine Hull policy may include liability hazards such as collision or running down.

    Additional Risk Covered on payment of additional premium
    War Strike Riot Civil Commotion (SRCC)

    Remarks:

    Premium being determined on a rating subject to age and class of construction of Hull.
    Risks covered under following categories :-

    a) ITC (All risk Policy)
    b) TLO (Total Loss only)

    According to the law the insured is required to pay the Stamp duty of this policy.

     

  • Ship Builders Risks Insurance

  • Aviation Hull Insurance

    AVIATION HULL INSURANCE POLICY

    Aviation hull all risks insurance:

    1. It covers ‘All Risks’ of physical loss or damage to an aircraft (except exclusions provided in the policy). Covers also include pilot error, theft, all natural causes, and damage during maintenance, ground fires/ taxiing accidents etc. Coverage does not include groundings due to FAA or manufacturer defectives or consequential loss of revenues, radioactive contamination / nuclear war and allied perils and mechanical breakdown.

    2) Aviation hull war and allied perils insurance: This policy covers loss of or damage to an aircraft resulting from war and associated perils including confiscation, terrorist acts, strikes, riots, sabotage and hijacking.

    Exclusions are: losses arising from nuclear war, War between the five major powers and UN geographical exclusions are some time imposed.


    3) Spares all risk insurance : : It covers ‘All Risks’ of physical loss or damage to spares including spares engines when not fitted to an aircraft.

    4) Aviation legal liability insurance: This insurance covers operator’s liabilities to passenger, passenger’s baggage, cargo and mail and legal liabilities to the third parties. Deductibles are normally applied only in respect of baggage claim.


    5) Deductible insurance: This insurance designed to reduce the standard level of deductible imposed under the main Hull All Risk Insurance. It is normally a separate policy and subject to aggregate limit for all claims.

    6) Aviation war, hijacking and other perils excess liability insurance: This insurance policy covers damages for bodily injury or property damage, caused by an occurrence in excess of the limitation of liability contained. This policy attached in the Aviation policies after the terrorist activities of 09.11.2001 World Trade Centre (USA).


    7) Total loss only insurance (TLO) : This insurance provides the protection in the event of total loss of the aircraft.

  • CORE VALUES & PRINCIPLES

    INTEGRITY

    We are devoted and sincere in everything we do. We are committed to prove ethical standard and fair activities remains at every level of our Company.

    TRUST

    We work diligently to build a deeper level of Trust with our Clients & Stakeholders by providing value added services.

    TEAM WORK

    We believe that highly qualified and motivated professionals team work in an entrepreneurial environment results in achieving vision & mission of goal. As such APGIC bound by Teamwork environment.

    TRANSPERANCY

    We are focused on the highest level of transparency. We exhibit timely accurate information about Company’s performance and financial results to meet the Stakeholder’s expectation.

    EXCELLENCE

    We aspire to achieve excellence in all that we do. We deliver what we commit and add value that goes beyond expectation. We pursue continued growth and strive to achieve the highest level of performance endeavors.

    RESILIENCE

    We well come challenging services to show strength of ability, even the jobs are high risk oriented. We see risk & difficulty as an opportunity to demonstrate our ability.  

    CORPORATE GOVERNANCE

    We are committed to implement good Corporate Governance practices to provide best services & relationship with the stakeholders, clients, employees of the Company and the Board & Management of the Company as well as to achieve the goal of the Company.