Why Marine Insurance in Kenya is a Must Have for All Your Business Imports & Exports Needs;

What is Marine Insurance?

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).

What are the different types of Marine Insurance in Kenya?

Hull Insurance

Marine hull insurance policy offers protection for physical damages to the boat or vessel along with its operating equipment, including machinery.

  Cargo Insurance

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.

What are the Institute cargo clauses in Marine Insurance?

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.

There are three sets of institute cargo clauses:

1. Institute cargo clauses A

ICC (A) states that the policy covers all risks of loss or damage to the subject-matter insured except as excluded

2. Institute cargo clauses B

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

3. Institute cargo clauses C

ICC (C) is the most restrictive in terms of its coverage and comes with a low premium

What is covered by Marine Insurance?

The marine insurance policy protects you against losses/damages to property caused by;

• Natural disasters like cyclone, earthquakes, lighting etc.
• Man-made disasters like theft, violence & piracy of ships.
• Collision, overturning or derailment of land conveyance
• Sinking of ships
• War

The marine  policy cover transits by;

• Water
• Air
• Road or rail

Who Needs Marine Insurance in Kenya?

The Marine  policy cover a wide of industries including but not limited to;

• Pharmaceutical Industry
• Machine industry
• Electronics Industry
• Agricultural industry
• Floricultural Industry
• Fine Arts
• Food & Drinks Processors
• Consumer Goods Industry
• Vehicles Importation

How to report Marine Insurance Claim?

One can report a claim via;

• Mail
• Direct Call
• office visit

All Marine policy claims should be supported by the following documents;

1. Duly filled in claim form
2. Original insurance certificate with the policy number.
3. Copy of Billing Lading.
4. Survey report
5. Original invoice, packing list, shipping specification.
6. Marine Certificate
7. Photos of the damaged items
8. Port release order
9. Signed delivery note

N/B For all claims above Ksh 100,000, normally an adjuster is appointed who then issues a preliminary report to aid reserving and final report for claim settlement.

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