Marine Insurance

Overview

Marine Insurance provides financial protection for cargo, vessels, and shipments against loss or damage during transit by sea, air, or land. In the Philippines, a country heavily reliant on maritime trade and inter-island transport, marine insurance safeguards businesses and individuals from financial losses caused by accidents, natural disasters, theft, or piracy during transportation.

Who Should Be Covered?

  • Exporters and importers

  • Shipping and logistics companies

  • Freight forwarders and cargo operators

  • Marine vessel owners and operators

  • Traders and businesses involved in domestic or international shipping

  • Individuals sending high-value cargo or personal belongings

Scope of Coverage

1. Cargo Insurance

  • Coverage for goods against loss, damage, or theft during transit
  • Protection for domestic inter-island shipments and international exports/imports

2. Hull and Machinery Insurance

    • Protection for vessels, boats, and marine equipment

    • Coverage for accidental damage, collisions, or mechanical breakdowns

3. Liability Insurance

  • Third-party liability for bodily injury or property damage caused during marine operations

  • Protection against legal claims and environmental liabilities

4. Additional and Optional Coverages

  • Piracy and hijacking protection

  • Natural disasters such as typhoons, storms, and floods

  • Delay in transit or spoilage coverage for perishable goods

Key Features

  • Comprehensive protection for cargo, vessels, and marine operations

  • Coverage for domestic and international shipping routes

  • Customizable policies based on cargo type, vessel size, and transit method

  • Accepted by banks, shipping partners, and regulatory agencies in the Philippines

  • Efficient claims handling and emergency assistance

Benefits of Marine Insurance

  • Financial protection against cargo loss, damage, or theft

  • Ensures business continuity for exporters, importers, and shipping companies

  • Reduces legal and liability risks associated with maritime operations

  • Supports compliance with local and international shipping regulations

  • Provides peace of mind for businesses and individuals during transit

Why Choose Marine Insurance?

  • Protection for Philippine Maritime Trade – Safeguards cargo and vessels against accidents, natural disasters, and piracy common in local waters.
  • Financial Security for Businesses – Covers costly losses in shipping, logistics, and inter-island trade operations.
  • Compliance with Shipping and Banking Requirements – Meets Philippine regulatory and contractual insurance mandates.
  • Flexible Coverage Options – Tailored policies for domestic, international, and inter-island shipments.
  • Mitigates Legal and Liability Risks – Protects against third-party claims and operational mishaps.
  • Peace of Mind for Transport Operators and Traders – Ensures shipments and vessels are protected at all times.
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