Marine Takaful Coverage
Cargo interests are exposed to numerous financial risks in the course of their business of imports, exports as well as movement of goods within the country. The transportation of cargo is invariably carried in conjunction with marine takaful coverage as no one can afford to take the risk of leaving his cargo uncovered.
Our Marine Cargo cover protects your goods against the various risks involved during transit, for all types of cargo transported by the various modes of conveyance such as sea, air, land and parcel post, from warehouse to warehouse.
Types of Coverage
- Marine Cargo Transit (Import / Export) by Sea & Air
- Marine Cargo Transit by Rail / Road.
- Marine Hull & Aviation Coverage
Important
Export
The goods are covered from warehouse to warehouse. The contracts can be CIF and FOB basis.
Inland Transit
The goods are covered from anywhere in Pakistan to anywhere in Pakistan. The covers with respect to above segments are granted as per Institute Cargo Clauses A, B & C. Whereas clause “A” provides widest and most comprehensive cover while clause “C” provides the narrowest scope of cover.
Coverage Details:
This Takaful segment covers the following perils, losses and damages:
- Perils of the seas, rivers, lakes or other navigable waters
- Fire and explosion
- Violent theft by outside persons: Jettison or Piracy
- Contact with land conveyance, dock or harbor equipment or installation
- Earthquake, volcanic eruption or lightning
- Accidents in loading, discharging or shifting cargo or fuel
- Bursting of boilers, breakage of shafts or any latent defect in the machinery or hull Negligence of Master Officers, Crew or Pilots
- Negligence of repairers or charter
- Barratry of Master Officers or crew Contact with aircrafts, helicopters or similar objects, or objects falling there from
Additional Cover:
Marine Umbrella
Marine Umbrella Liability is a broad spectrum cover offering protection against liabilities to shipping / logistics and transport related companies. Following can get this policy:
- Ship or vessel operators
- Freight forwarders, road transport operators, railway operators, carriers by air, ware house depot operators
- Ship agents, brokers and the services associated with shipping transportation
- Terminal operators, stevedores operators, operators of container/trailer, storage and repairers
Protects stevedores for any liability which they might incur during the loading and unloading of cargo either by damaging the cargo itself or the vessel or any other installation on the port.
- Open Policy
- Specific Voyage Policy
- Annual Policy
Contribution
The factors taken into account for calculating the contributions is Takaful Fund depend on the nature and type of cargo, method of packing, mode of shipment, age and type of vessel and the ports to be used.
Salient Features:
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