{"id":8206,"date":"2021-06-11T09:03:22","date_gmt":"2021-06-11T06:03:22","guid":{"rendered":"http:\/\/34.254.238.112\/ke\/?p=8206"},"modified":"2021-06-11T09:54:39","modified_gmt":"2021-06-11T06:54:39","slug":"why-marine-insurance-in-kenya-is-a-must-have","status":"publish","type":"post","link":"https:\/\/webuat.gakenya.com\/ke\/why-marine-insurance-in-kenya-is-a-must-have\/","title":{"rendered":"Why Marine Insurance in Kenya is a Must Have for All Your Business Imports & Exports Needs"},"content":{"rendered":"

Why Marine Insurance in Kenya is a Must Have for All Your Business Imports & Exports Needs;<\/strong><\/h1>\n

\"Marine<\/p>\n

What is Marine Insurance?<\/strong><\/h2>\n

Marine insurance is designed to provide coverage against loss or damage for goods being transported by either sea or air and incidental land transportation. The two branches of marine insurance are ocean marine (marine perils) and inland marine (primarily land-based exposures).<\/p>\n

What are the different types of Marine Insurance in Kenya?<\/strong><\/h3>\n

Hull Insurance<\/strong><\/a><\/p>\n

Marine hull insurance policy offers protection for physical damages to the boat or vessel along with its operating equipment, including machinery.<\/p>\n

\u00a0 Cargo Insurance<\/strong><\/a><\/p>\n

Marine policy covers risks of loss or damage from accidental causes such as sinking, stranding, fire, collision, sea water, heavy weather, contact, explosion, damage during discharge or loading and special charges incurred at the point of distress and a wide range of other perils.<\/p>\n

What are the Institute cargo clauses in Marine Insurance?<\/strong><\/h4>\n

Institute cargo clauses come embedded in the marine policy. The clauses outline the perils that are covered in the policy in case of any loss or damage to the cargo.<\/p>\n

There are three sets of institute cargo clauses:<\/p>\n

    \n
  1. Institute cargo clauses A<\/strong><\/li>\n<\/ol>\n

     <\/p>\n

    ICC (A) states that the policy covers all risks of loss or damage to the subject-matter insured except as excluded<\/p>\n

      \n
    1. Institute cargo clauses B<\/strong><\/li>\n<\/ol>\n

       <\/p>\n

      ICC (B) covers general average and salvage charges, adjusted, or determined according to the contract of affreightment and\/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from any cause except those excluded<\/p>\n

        \n
      1. Institute cargo clauses C<\/strong><\/li>\n<\/ol>\n

         <\/p>\n

        ICC (C) is the most restrictive in terms of its coverage and comes with a low premium<\/p>\n

        <\/h5>\n
        What is covered by Marine Insurance?<\/strong><\/h5>\n

        The marine insurance policy protects you against losses\/damages to property caused by;<\/p>\n