Marine Insurance
The Marine Insurance Department in the Islamic Insurance Company offers the following services .
The Marine Insurance Department in the Islamic Insurance Company offers the following services .
Marine Cargo Insurance:
This Insurance is to Cover all shipments transported from / to applicants warehouses all over the world by sea, air ,or by land against the risks of sinking , or ingress of water in the vessel during bad weather conditions or due to Fire or theft of the Consignment including other perils which might affect the Insured consignment .
There are varsities of Marine Cargo Insurance as follows:
- Single / Individual Marine Insurance:
Under this Insurance , Coverage is given to single Shipment (Consignment) from a specific point of origin to the final destination all Transport Risks as per Institute Cargo Clauses of London . - Open Cover / Annual Marine Insurance for Several Shipments:
This Insurance Policy provides automatic protection of all the insured shipments during the period of insurance whilst transported on sea , air or land against all transport risks as per institute Cargo Clauses of London
Scope of Cover :
It is the set of conditions on which the Insurance Policy is Issued as per the institute Cargo Clauses ( I C C ) of London .
- I I C ( A ) : Covering partial or total losses affecting the insured consignment as a result of fire , explosion , stranding , capsizing , collision of ship , discharge of cargo at port of refuge , earthquakes , general average sacrifice , entry of sea , lake or river water, jettison , currying away by sea , theft , damage due to condensation or heat , leaks , breaking , or particular average .
- I I C ( B ) : Covering partial or total losses effecting the insured comignment as a result of fire , explosion , stranding , wreck , capsize , collision of ship , collision of ship at port of refuge , earthquake , general average sacrifice , entry of sea , lake , or river water , jettison , or carrying away by sea .
- I I C ( C ) : Covering partial or total losses affecting the insured consignment as a result of fire , explosion , stranding , wreck , capsizing , collision of ship , jettison , general average sacrifice , discharge of cargo at port of refuge .
The coverage of war , strikes , riots , and civil commotions can be added to the above insurances as per Institute Cargo Clauses .
Aviation Insurance:
With Almighty God blessings and the solid relationships The Islamic Insurance Company enjoy with leading Reinsurers, an aviation insurance coverage is offered as follows:
- Aircraft Hull and Machinery .
- Liabilities towards passengers and their luggage .
- Third Party liability .
- Aircraft Cargo liability .
- Aircraft Spare parts and Machinery.
- Aviation Crew Personal accident .
- Deductible Insurance .
Marine Hull Insurance:
Due to the growth of the vessels transports across the world , cargo carriers can benefit from the distinguished and wide scope of insurance coverages as follows:
- Marine hull and its equipments while the ship is sailing, cargo carrying or towing activities as a result of the following perils:
- Perils of the sea , river , or lakes
- Fire or Explosion
- Piracy
- Jettison
- Collision of ship
- Earthquake , Volcanic Eruption , or lightening
- Collision during loading and unloading of the goods
- Boiler explosion
- Negligence of Maintenance Team or vessel renter
- Fidelity of the Captain or ship crew
- Collision with aircraft or articles dropped there from
- Marine Liabilities.