Marine Insurance

Cargo Insurance: marine, aerial, goods in transit


We provide broad insurance services as a vlaue added service to our "Full supply chain solution". 

 

  • Insurance solutions include: for any type of cargo, to any possible destination, for each link in the supply chain: for shipping, storage and inland haulage.

  • Advanced insurance solutions such as: "Broad Policies", insurance for refrigerated cargo, insurance for exhibitions.

  • Insurance expansions: during storage, during inland haulage above the existing minimal coverage, and special projects outside the boarders of Israel!

  • Consulting on subjects of freight insurance and its packaging.

 More than 10 years of experience!


Types of policies in international shipping
A policy to cover a onetime shipping

This policy is intended to provide coverage for a single shipment. Prior to the insurance coverage becoming effective, the insurant must provide full details regarding the nature of the shipment: cargo description, its value, source and destination, shipping date and details of carrier. The policy will expire once the shipment reached its destination.


An open policy

This policy is intended for those who engage in export and import in high frequency. The policy provides, subject to a maximal insurance per shipment, an insurance framework that covers all export and/or import cargos during the term of the insurance without a duty to report to the insurer before the cargo leaves on its way. In many cases, the policy remains valid without a time limitation until one of the parties cancels it. The insurant sends to the insurer as soon as possible a declaration of all freight transported and the premium calculation is performed accordingly.


Types of coverage

Because the damage in many cases occurs outside the borders of Israel, the marine insurance policy is not subject to the Insurance Contract Law but rather to the International Law.
The version of the typical coverage, as detailed below, is also subject to international agreements and does not vary from country to country.


1. Institute Cargo Clause A
The broadest coverage known as "All Risks". The policy covers any damage, except for the exclusions detailed in the policy, during the conveyance of the cargo.

2. Institute Cargo Clause B
This policy covers damage to the cargo resulting from the risks as detailed in the policy: fire, explosion, sinking, washing off the deck, collision and alike.

3. Institute Cargo Clause C
This coverage is intended to provide protection against catastrophic damages such as sinking of the vessel or the crash of the aircraft that carries the cargo, fire that destroys the entire property and alike. Obviously, the cost of this insurance is the lowest from among the three.

 

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