The scope of a marine insurance policy varies, explains Cynthia Nanthalall (Head of the Marine Centre of Excellence) and is generally determined by the underlying nature of the risk.
Marine Cargo insurance responds to physical loss or damage to goods imported, exported or transported within South Africa by any professional mode of transportation be it ship, plane, train or truck. Therefore it appeals widely to shippers within international trade and professional hauliers. Ask us about our stock-throughput offering and project type cover.
Marine Hull insurance responds to physical loss or damage to the actual watercraft and by extension certain liabilities to passengers or third parties. Craft typically insured in the South African market includes private pleasure craft and commercial hull such as the fishing fleets located in local waters.
Hollard’s Marine Liability products respond to the legal liability needs of ship repairers, ship builders, charterers and stevedores.
Depending on the kind of insurance requested, exclusions can and do apply. Typical exclusions to cargo cover include, amongst others: