Search

Mailing List

Syndicate

Marine Insurance

Marine Insurance

Marine insurance occupies a small, but important position in foreign commerce.

Since it affords protection against fortuitous losses, it enables all those engaged in foreign trade to venture their capital more freely than would otherwise be possible, and thus greatly to expand the scope of their operations.

Marine Insurance, therefore, is essential to foreign commerce, and although there is no legal compulsion on a merchant to insure his goods, the bank insists on it.

Apart from this reason and even where a bank does not finance shipments, common prudence calls for marine insurance protection.

The United Insurance Company offers marine policies, which relate to three areas of risks:

The Hull, Cargo and Freight in addition to Goods on Land Transit; which are as follows:

Marine Insurance on Cargo:

Dear honorable client,

The United Insurance Company persists in providing suitable Insurance cover for your imported or exported cargoes in accordance with the bases adopted in the International Insurance Market which are in harmony with kinds of cargoes which will be transported from/ or to Yemen, so UIC has the pleasure to make available for your use the following kinds of the Insurance covers:

Insurance on general cargo:

UIC makes available for your use three main options from insurance covers for general cargo carried by sea, which each differs from others in the scope of the granted insurance cover as follows:

All risks cover offered in the Institute Cargo Clause “A“ – 1. 1. 1982:

This cover offers an insurance protection against all fortuitous and unforeseen risks, which the insured cargo may be exposed to, excluding some certain exclusion stated in these clauses. (i.e. any risk is not expressly excluded, it will be covered).

Institute Cargo Clause B “ – 1. 1. 1982:

These clauses offer an insurance protection against loss of or damage to cargo due to the transport conveyance-sustaining marine or on land accidents during the insured voyage in addition to loss or damage caused by heavy weather perils. (i.e. this cover will include only the named risks therein)

Institute Cargo Clause “C“ – 1. 1. 1982:

It is the most restricted cover, which is limited for covering the cargo against exposing to loss or damage caused by accidents occurring to marine or on land conveyance during the insured voyage.

memo:
The insurance protection in both covers of the Institute Cargo Clauses “B“ and “C“ can be extended to include Theft, Pilferage and non-delivery of entire package, which will be offered according to the damned of the Assured.

Friday, 10 September 2010

Customer Service

Claim Report

Quick Menu

Inside UIC

UIC Contacts & Branches

Engineering Insurance