Marine Insurance
Marine insurance is essential for the smooth operation of maritime businesses, providing financial protection against unforeseen risks such as damage to cargo, loss of vessels, piracy, and other perils of the sea that could lead to substantial economic losses.
What is Marine Insurance?
Marine insurance is a type of insurance that protects goods, cargo, vessels, and other property against loss or damage while being transported by sea, air, land, or a combination of these modes. It helps businesses and individuals recover financially from risks such as accidents, theft, fire, natural disasters, and other unforeseen events during transit.
In the Philippines, marine insurance is commonly used by importers, exporters, manufacturers, distributors, retailers, and logistics companies to protect domestic and international shipments.
Types of Marine Insurance Policies in the Philippines
Open Policy
A marine open policy is a type of marine insurance policy which covers cargo across multiple shipments made over the course of a year. It is an efficient and cost-effective policy for businesses and individuals who need to make multiple shipments frequently.
Single trip policy
A single-transit policy protects cargo during a single journey. The insured gets coverage for a specific voyage only.
Marine Insurance Classifications
In the Philippines, marine insurance is generally classified based on what is being insured and the type of risk being covered. While Philippine insurers follow the provisions of the Philippine Insurance Code, the actual policies and clauses are largely based on internationally recognized marine insurance practices, particularly the Institute Cargo Clauses (ICC) and Institute Time Clauses (Hull).
Cargo Insurance
Hull Insurance