How Much is Marine Insurance Philippines
- by Julia Cloe
Protect your business assets and goods while these are transported from one destination to another. We have marine cargo insurance that provides protection for goods that are imported and exported, or transported via land with coverage that may be custom-fit to the specific needs of the business and the goods in transit. At Marine Insurance Philippines, we’re adept at providing cost-effective cover for complex and non-standard marine risks – but we also source more mainstream insurance, including higher volume, lower value shipments.
Boat Insurance in Australia can be tailored to virtually any item or commodity, from a fine art painting to thousands of tonnes of coffee and virtually anything in between. As goods move across oceans – whether port to port, or warehouse to warehouse – keeping them safe and secure becomes both increasingly important and increasingly difficult. The risks of theft or damage to goods in transit are always present.
To help you to counter these risks, we at AIG offer flexible, tailored marine insurance coverage for importers, exporters, distributors and manufacturers, vessel charterers/operators, inland marine and marine operations in the Philippines and around the globe. We draw upon the expertise of our experienced underwriters to create customized solutions for a wide variety of shipping needs. Marine Insurance Philippines product gives you access to an in-house risk management team of specialist surveyors and loss control advisors that work closely with our claims adjustors.
We work with you to understand your risk profile
We can help you choose the level of protection that your business needs.
We can add clauses to cover risks including:
- Water damage
- Malicious damage
- Accidental breakage
- Washing overboard.
- Some of these clauses may be available at no extra costs, depending on your risk profile.
You may also want to consider:
- Stock throughput
- Confiscation & expropriation
- Credit insurance
Margins are tight in shipping and logistics – you need maximum value for money from your insurance. We’re here to provide it. Marine Insurance Philippines value consultancy helps with cutting costs without cutting corners – it’s no use having an insurance policy that looks low cost but doesn’t pay out when you need it most.
Philippine Marine Insurance
- Facilitators: Lim, Christian Louie U. Zaragoza, Israel Jacob R.
- Transportation Insurance a very broad field of insurance which is concerned with the perils of property in (or incidental to) transit as opposed to property perils at a general fixed location. It does not include normal motor vehicle insurance. Two major divisions, namely: ocean marine insurance; and inland marine insurance.
- Ocean Marine Insurance An insurance against risk connected with navigation, to which a ship, cargo, freightage, profits or other insurable interest in movable property, may be exposed during a certain voyage or a fixed period of time. Its scope includes: ships or hulls, goods or cargoes, earnings and liabilities.
- Inland Marine Insurance covers primarily the land or over-the-land transportation perils of property shipped by railroads, motor trucks, airplanes, and other means of transportation. It also covers risks of lake, river, or other inland waterway transportation and other waterborne perils outside of those risks that fall definitely within the ocean marine category
- Perils of the sea vs Perils of the ship perils of the sea refers to all kinds of marine casualty resulting from the violent action of the wind and waves while perils of the ship are those resulting from the natural and inevitable action of the sea. Perils of the sea covers the willful misconduct of the ship master or crew while perils of the ship covers only the mere negligence, failure, or honest error of judgement of the same.
- Perils of the sea vs Perils of the ship most important difference: perils of the sea are those which are sought to be covered under an ocean marine policy while perils of the ship are not.
- Insurable Interest The owner of a ship has in all cases an insurable interest in it. Even when it has been chartered to another who agrees to pay him its value in case of loss. The insurer, however, shall be liable only for that part of the loss which the insured cannot recover from the charterer. The owner of a ship hypothecated by bottomry has an insurable interest only on the excess of its value over the amount secured by bottomry.
- Insurable Interest the owner of a ship has an insurable interest in expected freightage. One having a reasonable expectation of profits from a marine adventure has an insurable interest over such profits. The charterer of a ship has an insurable interest to the extent that he is liable to be Marine Insurance Philippines by its loss.
- Concealment the failure to disclose any material fact or circumstance which in fact or law is within the knowledge of one party and of which the other has no actual or presumptive knowledge. Information of the belief or expectation of a third person, in reference to a material fact, is material. A person insured is presumed to have knowledge of a prior loss if the information might possibly have reached him in the usual mode of communication.
Insurance for shipments of shapes all sizes
Marine policies work in two ways:
- Open policy covers you for 12 months at agreed rates, subject to declarations
- One-off policy covers a single shipment; door to door, anywhere in the world
You can choose between a named perils basis, which covers you against specific risks, or an “all-risk” basis (where we consider a scenario covered, unless explicitly stated otherwise).
We are able to provide high limit protection of up to USD25 million for any one conveyance, with additional capacity made available through other members of Marine Insurance Philippines. The married woman or the minor herein allowed to take out an insurance policy may exercise all the rights and privileges of an owner under a policy.
All rights, title and interest in the policy of insurance taken out by an original owner on the life or health of a minor shall automatically vest in the minor upon the death of the original owner, unless otherwise provided for in the policy.
Protect your business assets and goods while these are transported from one destination to another. We have marine cargo insurance that provides protection for goods that are imported and exported, or transported via land with coverage that may be custom-fit to the specific needs of the business and the goods in transit. At Marine Insurance…