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The increase in Asian trade in recent years has led to a corresponding rise in demand for marine insurance from ship owners and cargo owners. Despite technological developments and improvements in the transportation business, potential risks such as grounding of ships, merchandise damage, natural disasters and other financial losses are ever-present hazards.

Marine Cargo Insurance covers physical damage to, or loss of your goods whilst in transit by land, sea and air anywhere in the world. Cover can be effected either on a Per Voyage Basis, covering only specific consignments, or on an Open Cover Basis, which automatically covers all pre-agreed consignments.

A Marine Hull Policy is generally known as 'Hull and Machinery' (H&M). This policy covers loss or damage to the insured vessel, including collision liability and limited third party liability.

Other aspects of the vessel's liability risk are usually covered when the vessel is entered with the Protection and Indemnity Clubs.


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The Marine Division offers clients the following classes of insurance:

Marine Cargo

• Cargo shipments on land, sea and air
• Sellers’ Interest
• Customs Bond


Marine Liability

• Freight Forwarders’/Carriers’ Liability
• Bills of Lading Liability
• Stevedores’ Liability
• Warehousemen’s Liability
• Charterers’ Liability
• Ship Repairers’ Liability
• Marina Operators’ Liability
• Port Operator’s Liability


Hull & Machinery

• Increased Value & Excess Liabilities
• War and Piracy Risks
• Strikes, Riots & Civil Commotion
• Mortgagees’ Interest
• Builders’ Risks
• Towage Risks


Protection & Indemnity

• Entry with Mutual Clubs
• Fixed Premium Type


Others

• Trade Credits
• Political Risks
• Kidnap & Ransom


The Marine Division also provides claims services at no extra cost to clients.


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Better, Wider Cover for Marine Clients

Insurance for the shipment of frozen goods excludes Rejection risks. Such frozen goods can face rejection by health officials if they should find excessive levels of mercury in the consignments. Although not many underwriters are keen to offer rejection risk, Acclaim is able to obtain such cover at competitive pricing.

Very often disputes arise when wet cargo is discharged from large tankers due to paper losses or remnant oil trapped in ships’ fittings or pipes. The process of resolving such disputes between ship owners and cargo owners may take an enormous amount of time, causing losses not normally covered under the normal perils or accident cover. While most insurers do not provide such cover, we are able to arrange the “Free Outturn Guarantee” (FOG) for some of our valued clients. With FOG cover, insurers are obliged to settle shortage of cargo or contaminated cargo howsoever caused.

 
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