Marine Insurance

Marine Insurance

Marine Insurance can be evaluated under,

• Hull Insurance
• Yacht Insurance
• Specie Insurance
• Hull Construction Insurance
• General Cargo
• Project Cargo Transportation
• Stock Throughputs
• Marine Cargo Insurance
• Terminal Operator Liability Insurance

and are divided into four categories as

• Cargo Insurance
• Precious Metals Transportation
• Hull Insurance
• Liability Insurance

Cargo Transportation Insurance

Cargo Insurance is an insurance product that guarantees the damage caused by an accident or incident to a cargo transported by sea, air, road and rail. The main coverages in transportation insurances are as follows.

All Risks Coverage: It is the type of guarantee that covers the material carried against all kinds of physical damage and losses (all risks) that may be experienced except in cases where exceptions are made in the general conditions of the policy.

Limited Coverage: This insurance covers the partial risks such as accident, fire, explosion of the vehicle carrying out the transport are secured. These risks do not include damage caused during loading, transhipment, unloading and some major risks such as theft, wetting of the goods.

Full Loss: It covers the damages in case of destruction of the whole cargo carried by means of transport. By paying an additional premium to the insurance contract, you can cover the losses that will arise from the risks of terrorism and strikes.

Floating Policy: It is a type of policy that covers the indefinite period of time between the goods to be transported and the vehicle information to be loaded without making the date certain. The Floating Policy is a temporary policy made with existing information and documents and is covered by a firm insurance policy after the vehicle information and loading date are finalized.

Firm Policy: If the shipping date, time, value and vehicle data are available, a firm policy is issued.

Subscription Policy: The insurer shall arrange a contract in which the type, coverage type and limit of the cargo to be carried within a certain period of time, as well as the applicable conditions are determined. Within this contract, a Transport Insurance Policy based on the expedition is issued.

Block Policy: This policy is similar to a subscription policy, but is a type of policy issued annually. The total premium is calculated on the basis of the annual transportation turnover reported to the insurer for all transportation within one year. In this way, the transportation covers without any notice obligation.

Precious Metals Transportation Insurance

The damage and losses to be incurred during the proper transportation of precious metals such as gold, silver, bullion, money and foreign exchange, including armed extortion and robbery, are covered.

Hull Insurance

Hull Insurance is an annual renewed insurance product that can provide protection against risks that may occur on sea, land, and rickshaws of marine vehicles used for private or commercial purposes. With the Hull Insurance, which can be considered as a kind of marine insurance, the machinery parts, boats and accessories for the boat can be secured. Hull Insurance not only covers risks at sea, but also covers the risks that may occur during general maintenance, such as assembly, disassembly or transport.

Carrier Liability Insurances

Carrier liability insurance is divided into two as domestic carrier liability insurance and CMR insurance.

Domestic carrier liability insurance is the insurance that provides the legal liability of the domestic carrier companies in the event of damage to their own and/or rented vehicles during the shipment process within the framework of the terms and limits agreed on the policy.

CMR insurance, also known as international carrier liability insurance, covers the legal responsibilities of international carrier companies to the cargo owner as defined by CMR convention within the scope of the terms and limits set out in the policy.