Businesses related to the marine industry face risks that are different from those of other industries. For this reason, property and liability risks of this sector are covered by specifically designed insurance policies.
Liability risks, provides cover against specified form of liability that arise during the course of any operation involving handling of cargo. Some special purpose policies are as under:
Marine Umbrella Liability
is a broad spectrum/package cover offering protection against liabilities incurred by cargo handlers, logistic companies, Bailees and the like. This policy includes coverage for loss and damage to cargo whilst in the custody of a bailee or a warehouseman, or a container terminal, and the like. It also covers third party property and bodily injury liabilities.
Stevedore’s Legal Liability
protects stevedores for any liability which they might incur during the loading and unloading of cargo either by damaging the cargo itself or the vessel or any other installation on the port.
Freight Forwarder’s Liability
is a cover designed to protect freight forwarders against liability arising out of their negligence in handling cargo of their clients.