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Marine insurance
HOME > Marine insurance
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MARINE INSURANCE POLICY
1. Cases that insurance covers
Types of risk
Condition (A) Condition (B) Condition (C)
Stranding, sinking, abalone
Abalone, derailment when trucking
Contacts and collisions of ships and trucks
Accidents at work in the harbor
Fire, explosion
Damage caused by dropping
Storm
×
Earthquake, fire, lightning
×
Maritime transport accidents
Stolen from ships, trucks and containers at storage area
×
Dropping breakage during imports and exports
×
Damage from malicious act
× ×
Lost, stolen and no arrival
× ×
Dents, bend loss
× ×
Loss due to rain, snow and moisture
× ×
Piracy
× ×
Insurance rate
2%
1.5%
1.35%
○ ... will pay.
× ... will not pay. (However, by setting a special agreement, you may be eligible for payment.)
2. About war and strikes
Marine cargo insurance is subject to war, civil war and revolution. And also is subject to the damage from the people who are involved in strikes, riots and labor disputes.
Cases that insurance does not cover
  • 1. Intentional damage caused by insured contractor and Insurer.
  • 2. Damages caused by cargo itself and by the nature of the deficiency
    ex) spoilage of fish and foods, aging and deterioration of steel products.
  • 3. Damages from delay
    ex) damages caused by not delivered on the delivery date
  • 4. Imperfect packing, stacking defects in the container
  • 5. Damage caused by radioactive contamination
  • 6. Damages caused by biological, chemical or electronic weapons
  • 7. Damages caused by terror in abnormal transport processes
  • 8. Damages due to financial default and collapse of the shipping company
  • 9. Indirect damages
    ex) penalty and denial of the transaction due to cargo damage
Amount of insurance
The amount of insurance is normally set to 110% of CIF price if there is no specific amount. However, as stated in letter of credit for more than 110% of CIF price as insurance, please contact us in advance.
Rate of insurance
Insurance rates vary according to insurance conditions, type and nature of the cargo, transport sector and transport methods.
For the estimate of insurance rate, please contact our company or the dealer which treats the below.
  • 1. Specification of the goods or packaging
  • 2. International insurance arrangements
  • 3. Transport methods (container lines, traditional ships, aircrafts, others)
  • 4. Invoice amount of shipment