Marine Insurance

Marine Insurance

Marine insurance

The Marine and Land Insurance Department of Yemen Insurance Company (YIC) provides insurance for cargo carried (by sea, air or land) to and from all parts of the world against the multiple risks and damages to cargo in the course of carriage. The YIC's relevant insurance services include:

First: Cargo Insurance:

Cargo insurance covers the multiple risks and damages that the cargo may be exposed to in the course of carriage due to shipwreck, entry of sea water during periods of bad weather, or the exposure of the cargo to fire or theft and other damages that may affect the insured cargo. Various insurance policies exist, including:

1- Consignment Insurance Policy (for a single consignment):

This policy provides insurance safeguard for each shipment of carried cargo sent from the place of shipment of cargo to the place of their final arrival against various risks of carriage, according to the clauses of London Insurance Underwriters for Cargo Insurance.

2- Open Insurance Policy (for multiple consignments):

This policy provides automatic and ongoing insurance safeguard for all shipments of the insured's imported or exported cargo that are sent by (sea, air or land), according to the clauses of the London Insurance Underwriters for Cargo Insurance.

Covers:

They refer to the clauses under which marine insurance policies are issued according to the clauses of the London Insurance Underwriters for cargo insurance, the most important of which are:

  • Marine insurance clauses, cargo: (A) It covers partial or total losses and damages caused to the insured cargo as a result of fire or explosion, stranding, capsizing, collision, forced discharge of the cargo at the port of refuge, earthquakes, general loss expenses, entry of sea water to the places of storage, jettison of the cargo, drifting, theft, damage due to evaporation or heat, leakage, breakage, average clause.
  • Marine insurance clauses, cargo: (B) It covers partial losses and damages caused to the insured cargo as a result of fire or explosion, stranding, capsizing, collision, forced discharge of the cargo at the port of refuge, earthquakes, general loss expenses, entry of sea water to the places of storage, jettison of the cargo.
  • Marine insurance clauses, cargo: (C) It covers the losses or damages caused to the insured cargo as a result of fire or explosion, stranding, capsizing or collision of the ship, jettison of the cargo, general loss expenses, and the forced discharge of the cargo at the port of refuge.

In all the previous covers, coverage for the risks of war, unrests and riots can be added to the insured cargo against an additional insurance contribution.

Ship Hulls Insurance:

As a result of the global boom in maritime traffic, there was a need for extensive and distinctive insurance coverage for this sector. This coverage includes insurance for:

1- Ship hulls and equipment against losses or damages in the course of the ship sailing or carriage and transit resulting from the following dangers:

  • Sea, river and lake risks
  • Fire or explosion
  • Jettison of the cargo.
  • Collision with a land transport, dock or port equipment.
  • Earthquakes, volcanoes, and lightning strikes
  • Collision accidents in the course of loading and unloading
  • Boiler explosion, breakage of operating or rotating shafts, or any inherent defects in machinery or ship hulls
  • Neglect of ship repairers or charterers
  • Damage caused by collision with aircraft or any articles dropped therefrom

Second: Land Transport Insurance

This insurance covers total or partial loss or damage to the goods in the course of the carriage by land due to an accident covered by the insurance resulting from an accident, collision, overturning of the conveyor, fire, or the collapse of bridges under the conveyor vehicle during its passage and theft related to one of these incidents.