Marine Insurance...

Sail with Confidence - Mercantile Islami Insurance PLC provides robust marine insurance solutions to safeguard your shipments and vessels. Our comprehensive coverage ensures protection against risks such as accidents, cargo damage, and piracy. Trust us to navigate the seas of uncertainty and protect your maritime ventures.

Get a Quote Contact Us
Mercantile Islami Insurance PLC is one of the flourishing providers of Marine Insurance in Bangladesh.

  • Marine Cargo

  • Marine Hull

Marine Cargo:

Marine insurance is a contractual agreement in which the insurer agrees to compensate the insured for future losses related to marine activities, in accordance with the terms specified in the contract.

The following are the different types of marine insurance coverage:

  • ICC-A (All Risks)
  • ICC-B
  • ICC-C

We also offer additional coverage options for Theft & Pilferage (TP) and Non-delivery under the ICC-B policy. ICC-A policy provides coverage for all risks, with certain exceptions.

Furthermore, we provide Inland Transit coverage for transportation by Truck, Lorry, Rail, Barge, or Country Boat as required by the insured.

The nature of the risks covered under the THREE Institute Cargo Clauses is as follows:

  • The Company also offers broader coverage such as Theft, pilferage, and non-delivery (TPND) under the ICC(C) clause, subject to an additional premium payment as per the tariff.
  • With the ICC(B) clause, additional premium payment allows coverage for any or all of the following perils:
    • Breakage
    • Scratching/Splitting
    • Hooks damage
    • Holing
    • Bursting
    • Tearing
    • Leakage
    • Freshwater and rainwater

The new Marine Policy automatically includes coverage for the following additional risks:

  1. 60 days of coverage at the seaport starting from the date of discharge from the ship under categories "A," "B," and "C."
  2. Coverage for inland transit by road, rail, or barge.
  3. Coverage for war and strikes, riots, civil commotion (SRCC) is available upon payment of an additional premium.

War Strike Riot Civil Commotion (SRCC), can be covered by paying an additional premium.

Marine Hull Insurance:

Marine Hull Insurance is a type of insurance that covers the risks associated with ships. Ships are constantly exposed to various dangers at sea, and ship owners have the option to insure them against potential losses. The typical components covered by hull insurance include:

  1. Hull
  2. Plant & Machinery
  3. Refrigeration Machinery, etc.
  4. Freight (if the freight is paid after the ship owner assumes the risk)

The Marine Hull Insurance policy directly covers risks such as fire, theft, jettison, collision, contact, heavy weather, stranding/foundering, sinking, general average, and sue & labor charges. Additionally, the policy may also include liability hazards like collision or running down.

Remarks:

The premium for Marine Hull Insurance is determined based on a rating system that takes into account the age and class of construction of the hull.

Risks covered under following categories

  • ITC (All risk Policy) ITC
  • TLO (Total Loss only)
  • Comprehensive cover on Hull & Machinery as per ITC Hull clause.
  • Total Loss only including Sue and Labour charge on Hull & Machinery.
  • According to the law the insured is required to pay the Stamp duty of this policy.
  • Comprehensive cover on Hull & Machinery as per ITC Hull clause.

The risks covered under the following categories are as follows:

  1. ITC (All risk Policy) covers a comprehensive range of risks.
  2. TLO (Total Loss only) specifically covers total losses.
  3. Comprehensive cover on Hull & Machinery, in accordance with the ITC Hull clause.
  4. Total Loss only, including Sue and Labour charges on Hull & Machinery.
  5. The insured is required to pay the Stamp duty for this policy, as mandated by law.
  6. Comprehensive cover on Hull & Machinery, in accordance with the ITC Hull clause.