Marine Insurance

Pioneer Insurance Company provides robust marine insurance solutions to safeguard your shipments and vessels. Our comprehensive coverage ensures protection against risks such as accidents, cargo damage, and piracy.

What We Cover

• Marine cargo insurance

• Marine hull insurance

Marine Cargo Insurance

Comprehensive all-risk coverage for goods in transit for manufacturers, importers and exporters, commodity traders, logistics companies, and more.

Marine Hull Insurance

Hull and machinery coverage for all types of blue- and brown-water shipping — from dry bulk to tankers, cruise liners and container vessels to tugs and inland vessels, plus shipyards and building risks.

All Types of Marine Cargo Insurance

Marine Cargo Insurance: Cargo means the insurance or goods being conveyed. This refers to goods or merchandises that are 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 possible losses.

For the purpose of Marine Insurance, goods/cargo are 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

Risks covered by ship or steamer or powered vessel are categorized as follows:

Institute Cargo Clause ‘A’ (ICC ‘A’)

This insurance covers all risks of loss or damage to the subject matter insured except:

• Willful misconduct

• Ordinary leakage

• Ordinary loss in weight, wear and tear

• Loss or damage caused by unsuitability of packing, inherent vice, or delay

• Loss arising from insolvency or financial default of the owners of the vessel

Institute Cargo Clause ‘B’ (ICC ‘B’)

This insurance covers loss or damage caused by:

• Fire or explosion

• Stranding, grounding, sinking, or capsizing

• Overturning or derailment of land conveyance

• Collision or contact of vessel or craft

• Discharge of cargo at a port of distress

• Earthquake, volcanic eruption, or lightning

This policy also covers:

• General average sacrifice

• Jettison or washing overboard

• Entry of sea, lake, or river water

• Total loss of any package lost overboard or dropped whilst loading onto 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 covers loss or damage caused by:

• Fire or explosion

• Stranding, grounding, sinking, or capsizing

• Overturning or derailment of land conveyance

• Collision or contact of vessel or craft

• Discharge of cargo at a port of distress

• Earthquake, volcanic eruption, or lightning

This policy also covers general average sacrifice and 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 the 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 air transport may be covered as under:

1. Air Risk Only

2. Air All Risk

Who Can Insure

Owners or bankers of goods in transit/shipment.

What is Insured

• Export and import shipments

• Goods in transit by rail, sea, road, or air

• Goods carried by coastal vessels plying between the various ports within the country

• Cargo transported by small vessels or country craft over inland waters

• Goods moved from place to place by river or land transport

Insured Against What Risks

The policy covers loss/damage to the property insured due to:

• Fire or explosion; stranding, sinking etc.

• Overturning, derailment (of land conveyance)

• Collision

• Discharge of cargo at port of distress

• Jettison

• General average sacrifice, salvage charges

• Earthquake, lightning

• Washing overboard

• Sea, lake, or river water

Premium Rating

The normal basis of valuation for ocean/air consignment will be C&F + incidentals up to a percentage which is agreed upon at the inception of the policy (normally this is 10%).

Marine Hull Insurance

Marine Hull Insurance is a type of insurance that covers the risks associated with ships. Ships are constantly exposed to various dangers at sea, and ship owners have the option to insure them against potential losses.

The typical components covered by hull insurance include:
A. Hull
B. Plant & Machinery
C. Refrigeration Machinery, etc.
D. Freight (if the freight is paid after the ship owner assumes the risk)

The Marine Hull Insurance policy directly covers risks such as:

• Fire

• Theft

• Jettison

• Collision

• Contact

• Heavy weather

• Stranding / Foundering

• Sinking

• General average

• Sue & labour charges

Additionally, the policy may also include liability hazards like collision or running down.

Remarks

The premium for Marine Hull Insurance is determined based on a rating system that takes into account the age and class of construction of the hull.

Risks Covered Under the Following Categories

• ITC (All Risk Policy)

• TLO (Total Loss Only)

• Comprehensive cover on Hull & Machinery as per ITC Hull clause

• Total Loss Only including Sue and Labour charge on Hull & Machinery

• According to the law, the insured is required to pay the Stamp Duty of this policy

The risks covered under these categories are as follows:

1. ITC (All Risk Policy): Covers a comprehensive range of risks.

2. TLO (Total Loss Only): Specifically covers total losses.

3. Comprehensive Cover on Hull & Machinery: In accordance with the ITC Hull clause.

4. Total Loss Only: Including Sue and Labour charges on Hull & Machinery.

5. Stamp Duty: The insured is required to pay the stamp duty for this policy, as mandated by law.

6. Comprehensive Cover on Hull & Machinery: In accordance with the ITC Hull clause.