Marine Insurance

Marine insurance was originally for perils which caused loss or damage to a ship’s cargo. Due to the fact that many destinations are located inland, this insurance has been extended to overland transits which cross frontiers. For cargo transits within a country, goods in transit (GIT) insurance is available. For both Marine and GIT risks, the following policies can be arranged:

Marine cargo

Specific policies can be issued to clients whose imports and/or exports are not regular. These relate mainly to household goods and personal effects transported into or out of the country, and can be issued to cover specific consignments on a one-off basis.

Where a continuous flow of business is expected from a client, the Corporation will recommend an open cover. This type of policy gives protection on a blanket basis and covers all the imports or exports of that client from the date of inception of the contract. An open cover has certain advantages to the client including the following:

• A client has forwarded cover at agreed insurance rates and can budget in advance and fix his prices accordingly.
• A working relationship can be established between client and insurer as the client does not have to deal with any other insurance companies perhaps in different countries
• An open cover can be issued for one year only or on a permanent basis and an importer or exporter who wishes to enter into such an agreement should submit the relevant details required by the Corporation to enable the contract to be negotiated.

These details enable the underwriter to quote terms, rates and conditions of insurance which will be applied to all imports and exports for that client until further notice with effect from the commencement date of the open cover. Once an open cover is issued to the client, he is provided with a book of declaration forms which he must use to advise the Corporation each time a shipment takes place. These declarations are used to enable the underwriter to issue certificates of insurance required by banks to support a shipment, and to debit the client with the premium due. No premium is payable in advance under an open cover and the client only pays and when a shipment takes place.

Marine Hull

Apart from the cargo, the vessel itself (ship or boat) can be insured against loss or damage. (Zambia being landlocked, the volume of this business is small but cover can be arranged on request).