CSI Marine Insurance is the specialist to offer our clients their requested tailored solutions for the transfer of complex maritime risks. You have huge consignments in transit? Have your insurance policy ready before moving your goods that you value the most. As the name suggests, CSI Marine insurance provided to ships, boats and most importantly, the cargo that is carried in them. It is very important because through marine insurance, ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used.
Marine Cargo Insurance is said to be Mother of all Insurances. Marine Insurance covers for goods in transit for both Import and Export and the mode of conveyances on waterways, air and land routes. Marine Cargo Insurance is divided mainly into three broad segments; Import, Export and inland Transit.
Import: The goods coming in to Pakistan are covered from warehouse to warehouse and the contract is usually on C&F and CIF basis.
Export: The coverage is provided from warehouse to warehouse. The contracts can be CIF and FOB basis.
Inland Transit: It is a comprehensive plan that provides coverage to freight and goods throughout Pakistan irrespective of the place of origination and destination.
It is a specific type of policy designed for marine vessels used for goods transport. This policy covers losses/damages to the Hull and Machinery of the vessel caused by maritime perils.
The insurance policy covers the following perils, losses and damages
- Perils of the seas, river, lakes of other navigable
- Fire and explosion
- Violent theft by outside persons, Jettison or Piracy
- Contact with land conveyance, dock or harbour equipment or installation
- Earthquake, volcanic eruption or lightning
- Accident in leading, discharging or shifting cargo or fuel
- Bursting of bailers, breakage of shafts or any latent defect in the machinery or hull negligence of Master Officer, Crew or Pilots
- Negligence of repairers or charter
- Barratry of Master Officers or crew contact with aircrafts, helicopters or similar object, or object failing there from
Like any other capital intensive business, aviation involves very large sums invested in modern aircraft and their operation. And considering the risks involved, if compensation for death or injury are to be assessed, it usually adds up to much larger sums. Even a small private aircraft may be the cause of a mid-air collision with similar financial consequences. The failure of a component manufactured by a small company may result in the loss of a fully loaded airliner. Because such catastrophic loss may arise it is normal for aviation risks to be excluded from many kinds of general insurance policy.
Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to aviation insurance.
Primary customers for Aviation Insurance are
- Commercial Aircraft Operators
- Corporate and Business Aircraft Operators
- Aerial Work and Air Taxi Operators
- Private Owners and Flying Clubs
- Air-Craft Manufacturers
- Owners and Operators of Air-Ports, Hangers
- Shippers of Goods By Air
- Leasers (Banks, Financial Institutions)
- Hang Gliders
- Conventional Gliders, Balloons and Hovercraft owners and operators
Types of covered offered by Aviation insurance includes
- Aviation Hull (All Risks)
- Hull War and Hijacking
- Spare Engines and Spare All Risk
- Legal Liability to Passengers
- Legal Liability to Third Parties
- Legal Liability to Cargo
- Legal Liability to Mail
- Comprehensive General Liability
- Loss of License
- Personal Accident