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What is No Claim Discount (NCD)?
The No Claim Discount (NCD) is a reward scheme received by motor policy holders for not making a claim during the preceding 12 months.
How much of No Claim Discount (NCD) am I entitled to?
Consumers are eligible for NCD ranging from 0% to 55% of the premium payable depending on the type of vehicle, coverage and number of years claim not intimated. For a private car, the scale of NCD ranges from 0% to 55% as provided in the policy/certificate whereas for motorcycles and commercial vehicles, it ranges from 0% to 25%.
Find out the current insurer for your vehicle, type of coverage, policy period and policy number by entering your details
Malaysia Marine Cargo Insurance, Marine Cargo Insurance, Malaysia Goods In Transit Insurance, Malaysia Aviation Insurance, Cargo Insurance Malaysia, Marine Insurance Malaysia, Inland Transit Insurance
Your Trusted Malaysia Insurance Services Provider
• Wide range of ACPG Marine Cargo products
• Global capability and local expertise for all classes of marine insurance
• Worldwide claims network and local claims handling capability
• Inspection and risk management service capabilities
MARINE CARGO INSURANCE
(Please read this Product Disclosure Sheet before you decide to take out a Marine Cargo Insurance Policy. Be sure to also read the general terms and conditions stated in the policy).
This policy provides you with coverage for loss or damage to the goods as provided in the Institute Cargo Clauses (A), (B) or (C) 1.1.82 or Institute Cargo Clauses (A), (B) or (C) 1.1.09 respectively. You may insure your goods by choosing either of the below coverage subject to our Company’s approval.
a) Institute Cargo Clauses (A) 1.1.82 / 1.1.09
This is the widest from of cover. This policy covers all risk of loss of or damage to the goods except as provided under the
b) Institute Cargo Clauses (B) 1.1.82 / 1.1.09
This policy covers against loss of or damage to the goods attributable to or caused by
· Fire or explosion
· Vessel or craft being stranded, grounded, sunk or capsized
· Overturning or derailment of land conveyance
· Collision or contact of vessel, craft or conveyance with any external object other than water
· Discharge of cargo at a port of distress
· Earthquake, volcanic eruption or lightning
· General average sacrifice
· Jettison or washing overboard
· Entry of sea, lake or river water into vessel, craft, hold, conveyance, container or place of storage
· Total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel or craft
· General average and salvage charges
c) Institute Cargo Clauses (C) 1.1.82 / 1.1.09
This policy covers against loss of or damage to the goods atributable to or caused by
· Fire or explosion
· Vessel or craft being stranded, grounded, sunk or capsized
· Overturning or derailment of land conveyance
· Collision or contact of vessel, craft or conveyance with any external obhect other than water
· Discharge of cargo at a port of distress
· General average sacrifice
· Jettison
· General average and salvage charges
· War as provided under the Institute War Clauses (Cargo)
· Strikes as provided under the Institute Strikes Clauses (Cargo)
i) Institute Cargo Clauses 1.1.82
The cover commences from the time the goods leave the warehouse or at the place of storage indicated in the policy for the commencement of transit, continues during the transit and terminates either
· on delivery to the Consignees’ or final warehouse at destination indicated in the policy,
· on delivery to any warehouse, whether prior to or at the destination indicated in the policy which Insured elect to use either for storage other than in the ordinary course of transit, or for allocation or distribution of the goods or on the expriry of 60 days after completion of discharge overside of the goods from the vessel at the final port of discharge whichever shall first occur.
ii) Institute Cargo Clauses 1.1.09
The cover commences from the time the goods is first moved in the warehouse or at the place of storage indicated in the policy for the purpose of the immediate loading into or onto the carrying vehicle or other conveyance for the commencement of transit, continues during the ordinary course of transit and terminates either
· on completion of unloading from the carrying vehicle or other conveyance in or at the final warehouse or place of storage at the destination indicated in the policy,
· on completion of unloading from the the carrying vehicle or other conveyance in or at any other warehouse or place of storage, whether prior to or at the destination indicated in the policy which the Assured or their employees elect to use either for storage other than in the ordinary course of transit or for allocation or distribution or when the Assured or their employees elect to use any carrying vehicle or other conveyance of any container for storage other than in the ordinary course of transit or on the expriry of 60 days after completion of discharge overside of the goods from the oversea vessel at the final port
of discharge whichever shall first occur.
3. How much premium do I have to pay?
The total premium that you have to pay may vary depending on the coverage, terms and conditions and the underwriting requirements of the company :
· Insurance cover selected : ICC (A) or (B) or (C) Rate Applicable __________%
· Sum Insured : RM____________ Premium RM_____________ Additional Cover RM_______
The estimated total premium that you have to pay is: RM___________
Some of the key terms and conditions that you should be aware of are:
· Duty of disclosure - you must give all the facts in your application form fully and faithfully otherwise your policy may be void.
· Change in Risk – you must inform the company or your agent in writing on any material changes before the commencement of the voyage so that the necessary amendments are endorsed into your policy.
· You must ensure that your goods are insured based on the prime cost of the goods plus any expenses incidental to shipping such as, freight charges, insurance charges and import duties (if applicable).
· If goods insured are used/second-hand and/or shipped on deck, it is necessary to indicate in the application so that relevant clauses/terms may be applied accordingly.
· For household goods and personal effects, an inventory list with breakdown of items and insured values are necessary to be provided
· Excess - is the amount of loss that you have to bear in event of a claim
a. Institute Cargo Clauses (A), (B) or (C) 1.1.82
This policy does not cover certain losses such as:
· Loss attributable to willful misconduct of the Assured
· Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the goods insured
· Loss caused by insufficiency or unsuitability of packing (‘packing” shall include stowage in a container or liftvan but only when such stowage is carried out prior to attachment of this insurance by the Assured or their servants)
· Loss caused by inherent vice or nature of the goods insured
· Loss caused by insolvency or financial default of the owners, managers, charterers or operators of the vessel
· Loss arising from unseaworthiness of vessel or unfitness of vessel for the safe carriage of the goods insured where the Assured are aware of such unseaworthiness or unfitness, at the time the goods insured is loaded
· The Insurer waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry the insured cargo to destination, unless the Assured or their servants are privy of such unseaworthiness or unfitness
· Loss proximately caused by delay
· War and Strikes (this is normally covered under the Institute War Clauses (Cargo) and Institute Strikes Clauses (Cargo) respectively subject to additional premium
b. Institute Cargo Clauses (A), (B) or (C) 1.1.09
This policy does not cover certain losses such as:
· Loss attributable to willful misconduct of the Assured
· Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the goods insured
· Loss caused by insufficiency or unsuitability of packing where such packing or preparation is carried out by the Assured or their employees or prior to the attachment of this insurance ("packing” shall deemed to include stowage in a container and "employees” shall not include independent contractors)
· Loss caused by inherent vice or nature or the goods insured.
· Loss damage or expense arising from :
i) unseaworthiness or vessel or unfitness of vessel for the safe carriage of the goods insured and where the Assured are privy to such unseaworthiness or unfitness at the time the goods insured is loaded
ii) unfitness of container or conveyance for the safe carriage of the goods insured, where loading is carried out prior to attachment of this insurance or by the Assured or their employees and they are privy to such unfitness at the time of loading Exclusion (i) shall not apply where the contract of insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the goods insured in good faith under a binding contract
· Loss proximately caused by delay
· War and Strikes (this is normally covered under the Institute War Clauses (Cargo) and Institute Strikes Clauses (Cargo)
respectively subject to additional premium)
(Note : This list is non-exhaustive. Please refer to the policy contract for the full list of exclusions under this policy.)
There are no cancellation provision under the policy.
It is important that you inform us of any changes to your contact details to ensure that all correspondences reach you in a timely manner.
Should you require additional information about our Marine Cargo insurance or any other types of insurance products, you may contact ACPG directly at your convenience. Alternatively, you may visit our website at www.acpgconsultant.com.
Marine Loss Control Insurance Policy of ACPG General Insurance is one of the best policies which give the most unusual and disciplined offer as far as Marine Engineering is concerned.
This facility helps against any loss on market which means that there is no loss at all. It is a win, win situation where brand is safeguarded.
Marine Loss Control Insurance Policy of ACPG General Insurance provides our customers all type of service which is also applicable on different types of market condition.
There is condition and facility where one can contact helpline or people who provide service instantly, anywhere, anytime.
Marine Cargo Insurance refers to the insurance of goods shipped from one place to another, anywhere in the world.
Coverage is usually effected on a "per voyage" basis that is from the time the goods leave the premises of the seller until the time they finally arrive at the buyer's premises. There is no period specified in the policy.
Coverage can either be effected by the buyer or the seller depending on the contract of sales. There are different types of recognised Sale Contracts, the most common affecting Marine Insurance are:
F.O.B. (Free On Board)
It is the seller's obligation to place the goods on board vessel at his own expense and obtain the Bill of Lading. He (the Seller) is also responsible for all loss or damage until goods are on board vessel. Thereafter the goods are at buyer's risks.
C & F (Cost and Freight)
Seller provides goods with all freight and other charge paid to the port of discharge but does not include insurance charges. He (the Seller) is also responsible for the loss or damage to goods until delivery on to the carrying vessel but it is the responsibility of buyer to arrange insurance.
C.I.F. (Cost, Insurance & Freight)
The Seller undertakes to arrange and pay for all costs of delivering the goods and insurance up to final destination because the buyer has paid for these in the sale price. The insurance policy is assigned to the consignee and he can claim under the policy as though he had arranged the insurance himself.
Type of Marine Cargo Insurance Policies
1.Individual Policy
These are policies issued on each and every shipment upon request by the Assured.
2.Open Cover Policy
The Open Policy is a continuous policy that is issued on certain date and remains in force until cancelled. The policy provides automatic protection for all shipments described in the policy.
This arrangement is suitable for merchants who are engaged in regular import/export or internal trade.
Coverage in Marine Cargo Insurance
Shipment by vessel
Sending by air
Inland Transit
Sending by post or courier service
1.Shipment By Vessel
Types of coverage available are :
Institute Cargo Clauses ( C )
Institute Cargo Clauses ( B )
Institute Cargo Clauses ( A )
Institute Cargo Clauses ( C )
It covers loss of or damage to the interest insured attributable to :
fire or explosion
vessel being stranded, grounded, sunk or capsized
overturning or derailment of land conveyance
collision or contact of vessel with external object other than water
discharge of cargo at a port of distress
It also covers loss or damage to interest insured caused by :
General Average Sacrifice
Jettison
Note :
General Average arises where a sacrifice is incurred in connection with a venture with a view to saving or minimizing the loss as a whole. This means that some of the cargo needs to be sacrificed in order to save others. There is liability resting upon the owners of cargo to contribute towards the damages or expenses suffered by those whose cargoes are sacrificed.
Institute Cargo Clauses ( B )
In addition to coverage provided under "C" policy, it also covers loss or damage to goods insured attributable to earthquake, volcanic eruption or lightning and loss of or damage to interest insured by :
entry of sea, lake or river water into vessel
total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel
It covers all fortuitous losses of every description but excludes loss, damage or expense proximately caused by delay, inherent vice or nature of the goods.
General Exclusions for all Clauses ( A, B or C )
Willful misconduct of the Assured
Ordinary leakage, loss in weight, wear and tear
Insufficient or unsuitability of packing
Inherent vice or nature of subject-matter insured
Unseaworthiness of vessel (when the Assured is privy to it)
Delay even though caused by a risk insured against
Insolvency or financial default of carrier
Deliberate damage or destruction of the subject-matter insured
Use of nuclear weapon
War and Strikes
Terrorism
Radioactive contamination, chemical, biological, bio-chemical and electromagnetic weapons
Nuclear energy risk
Seepage and pollution
Yes = Risk Covered, No = Not Covered
RISKS | CLAUSE A | CLAUSE B | CLAUSE C |
Fire & Explosion | Yes | Yes | Yes |
Vessel/craft stranded, grounded, sunk or capsized | Yes | Yes | Yes |
Overturning or derailment of land conveyance | Yes | Yes | Yes |
Collision or contact of vessel, craft or conveyance with external object other than water | Yes | Yes | Yes |
Discharge of cargo at port of distress | Yes | Yes | Yes |
Earthquake, volcanic eruption or lightning | Yes | Yes | No |
General Average sacrifice | Yes | Yes | Yes |
Jettison / Washing Overboard | Yes | Yes | Yes |
Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, liftvan or place of storage | Yes | Yes | No |
Loss of any package lost overboard or dropped whilst loading onto or unloading from vessel or craft | Yes | Yes | No |
General Average & Salvage Charges | Yes | Yes | Yes |
Pirates, thieves & non-delivery | Yes | No | No |
The cover given is similar to that of consignment carried by sea. For shipment by air, there is only one type of cover. Unlike by sea where we have the A, B or C Clause, shipment by air only have the Institute Cargo Clauses (Air).
3. Inland Transit
The conditions of insurance under Inland Transit are :
Inland Transit (All Risks) Clause
It covers all risks of loss and/or damage whilst in transit but excluding loss arising due to :
inherent vice or loss of market
mechanical derangement
war (war risk is excluded from inland as these risks are limited by the waterborne agreement to "overseas voyage").
Inland Transport Clause
It covers loss of or damage to the interest insured occasioned by the conveyance being on fire, derailed, overturn or in collision, struck by lightning or other accidents to the vehicle such as involuntarily leaving the road, breakdown of bridges and consequent damage to the conveyance and the interest assigned hereby.
Goods In Transit
This policy provides coverage for goods despatched throughout the year to destinations all over the country. The scope of coverage is the same as normal marine inland transit. The difference is that this policy is issued annually. The type of goods, transit destination and also the registration number of vehicle transporting the goods must be stated in the policy.
Road Haulers / Carrier's Liability
This type of insurance is effected by the Carrier's or the Transport Company to protect their own interest that is, their legal liability based on negligence liability principle and/or their contractual liability for loss of or damage to cargoes carried by them.
Sending by Post and/or Courier Service
The coverage by post and/or courier service depends by the mode of carrying. It can be sent by any of the above mode (sea, air or land). In any case, the clause 'Mail and/or Parcel Post/Courier Service Clause' will be attached.
Institute War Clauses (not applicable to Inland Transit risks)
Marine policies may be extended to cover War risk subject to payment of an additional premium at the current rate prescribed by the Institute of London Underwriters. It must be noted that War risk cannot be granted for the transit of goods whilst on land.
The insurance against War risk attaches only when the goods are loaded on the overseas vessel and terminates on discharge from the vessel at the final port or place of discharge or on expiry of 15 days from midnight of the day of arrival of the vessel at the final port of discharge.
Institute Strike Clauses
This extension is also available to cover loss or damage caused by strikes, locked-out workmen or persons taking part in labour disturbances, riots or civil commotion and any terrorist or any person acting from a political motive.
F.C.L. (Full Container Load)
Whereby goods are stuffed into the container at seller's premises and unstuffed at buyer's premises. The whole container carries goods which belong to the same owner, seller or buyer.
L.C.L. (Loose Container Load)
Whereby goods are stuffed into the container at port of loading and unstuffed at port of discharge. The container is shared with goods belongs to other person or persons.
Transhipment
This is the act of transferring goods from one vessel to another and if during a marine voyage transhipment do occurs for any reason, the Underwriters are to be informed within a reasonable period of time and an additional premium will be charged. Usually a rate of 0.05% is charged in the event of transhipment.
Double Taxation Benefits
With effect from 1982, the government is offering double taxation benefit to buyers of insurance who insure imports and exports to the country with a Malaysian registered company. The objective is to reduce the outflow of capital from the country.
Pre-shipment Survey
Pre-shipment survey is required when cargo is shipped by barge and with sum insured exceeding RM250,000.
Survey to be conducted by Independent Marine Surveyor appointed either by the Insurer or Insured. The cost incurred will be borne by the Insured. The purpose :-
to ensure that goods insured are properly packed and lashed on board the barge.
to ensure that barge will not be overloaded with cargoes which will effect the stability of barge during voyage.
to give on hand advise as to proper handling of cargo before, during and after loading of cargoes to the barge.
To inform Insurer immediately if there is any discrepancy which will effect the voyage. Example of discrepancy - overage barge, incompetent cargo handler, over valued goods etc.)
Upon completion of survey, the surveyor will have to produce the report to Insurer for risk assessment purposes.
Loading Surcharge For Overage Vessel:
An appropriate surcharge will be imposed for consignments sent on an overage vessel.
Arranging / Conducting Discharge Surveys
The main aim in conducting discharge survey is Loss Prevention. During unloading of bulk (especially) cargoes such as wheat, flour, maize etc., and also expensive machinery needs close supervision from experienced Marine Surveyors.
With the presence of the Surveyor, immediate action can be taken by them in the event of loss or damage to the consignment. They will be able to provide feedback vital information immediately to the Claims Dept. on the extent of the loss or damage. A joint survey with the Carrier's Agent and all relevant parties can then be conducted so that all evidence of damage are recorded without delay and also avoid disputes.
This policy provides cover against loss and/or damage to property insured whilst in transit on a lorry, train or any other conveyance licensed to carry goods.
Scope of Cover
There are two types of cover afforded under this class:
Inland Transit (All Risks)Clause
Covering against all risk of loss and/or damage to the insured goods whilst in transit by road and/or rail. The exclusions are delay, inherent vice, mechanical derangement, war and strikes, riot and civil commotion.
Inland Transport Clause (Lorry Clause)
Covering loss and/or damage to the Insured's goods whilst in transit by road/rail caused by fire, lightning, breakdown of bridges, collision, overturning or derailment. Loss as a result of theft is not covered under this clause.
Categories of Scheme Offered
Scheme 1
Policy covering property carried by specified vehicles; a stated sum insured being agreed as the maximum value of the load carried on each vehicle.
Scheme 2
A declaration policy ; the sum insured representing an estimate of the aggregate value of consignments to be dispatched during a chosen period (usually 12 months) The sum insured is reduced by the value of each consignment until it becomes exhausted.
Scheme 3
A policy covering a single transit.
BASIC COVER
They are two types of coverage granted by the Goods in Transit policy, namely:
Inland Transit (All Risk) Cover
Cover against loss or damage to the insured goods whilst in transit by road and/or rail caused by fire/lightning, theft, accidental or any unforeseen fortuitous circumstances unless specifically excluded in the policy, OR
Lorry Clause
Covers against loss or damage to the insured goods whilst in transit by road and/or rail caused by fire/lightning, overturning, derailment, collision and other accident to the vehicle/conveyance, such as involuntarily leaving the road, breakdown of bridges and consequent damage to the vehicle / conveyance and the goods insured.
AND it can be covered for:
Single Transit - Marine Cargo Policy
Insures transit of goods from one place to another in a single transit from the time the goods leave the consignor's premises until they reach the consignee's premises OR
Annual Cover - Goods In Transit Policy
This is annual policy which provides cover for goods conveyed by land throughout the year as per the territorial limit and/or transit journey specified in the policy.
ELIGIBLE PROPOSER
Goods/ cargoes being conveyed entirely on land whether by lorry, train or other mode of land conveyance licensed to carrying goods.
PREMIUM & EXTENSIONS
Premium is calculated based on the type of cover, territorial limits or transit journey (within town or inter-states), and the sum insured i.e. the value of goods to be consigned.
At an additional premium, this policy can be extended to cover loading and unloading from a stationery vehicle under close supervision.
GOODS IN TRANSIT INSURANCE
(Please read this Product Disclosure Sheet before you decide to take out a Goods In Transit Insurance Policy. Be sure to also read the general terms and conditions stated in the policy).
This policy provides you with coverage for your goods whilst in transit on land by any road vehicle or train against loss of or damage by fire, lightning, theft and accidental means unless specifically excluded in the policy.
a. Inland Transit (All Risks) Clause
Provide covers against all risks of loss and/or damage whilst the goods insured are in transit by road and/or rail, and/or river, canal or inland waterway including transit by craft and/or ferry across the Straits of Johore or from the island of Penang to the Mainland.
Coverage commence from the time of dispatch from the Assured’s warehouse and/or store and/or premises and to expire on delivery to the Consignee’s premises at the final destination.
b. Lorry Clause
Provide a more restrictive cover against loss and/or damage to the goods insured resulting from fire, overturning, derailment, collision and other accident to the said vehicle/conveyance.
You may extend coverage to the following risks by paying additional premium:
· Strikes, Riots & Civil Commotion
Duration of cover is One year. You need to renew your insurance policy annually.
The total premium that you have to pay may vary depending on the coverage, terms and conditions:
· Insurance cover selected : All Risks or Lorry Clause cover
· Limit of Liability per conveyance :
· Estimated Annual Carrying : Rate Applicable __________% Premium RM_____________
Additional Cover RM_______ The estimated total premium that you have to pay is: RM___________
Some of the key terms and conditions that you should be aware of are:
· Duty of disclosure - you must give all the facts in your application form fully and faithfully otherwise your policy may be void.
· Change in Risk – you must inform the company or your agent in writing on any material changes before the commencement of the transit so that the necessary amendments are endorsed into your policy.
· You must ensure that your goods are insured based on the prime cost of the goods plus any expenses incidental to the conveyance such as, freight charges and insurance charges
· Estimated annual turnover/carrying basis (EAC) - the estimated value of the goods carried over the policy period. A provisional premium will be charged upfront and you will need to advise the actual annual
turnover/carrying involved at the end of the policy period. If the actual amount differ from the EAC declared
originally, a further proportionate premium shall be required to be paid for the difference or refunded as the case may be.
· Excess - is the amount of loss that you have to bear in event of a claim
This policy does not cover certain losses, such as:
a) Loss of livestock, explosives, goods of a dangerous nature, china, glass, jewelry, gold, precious stones,
b) Loss of any liquid, gas or goods from containers by leakage or spilling
c) Loss or damage caused by weather, atmospheric conditions, inherent vice, wear and tear, vermin, defective
packing, delay, loss of market, depreciation, deterioration or consequential loss of any kind
d) Whilst the goods is temporarily housed in the course of transit for the purpose of storage, making up, packing or processing
e) Loss occasioned by volcanic eruption, subterranean fire, earthquake, war, invasion, riot, strike, civil commotion
f) Loss occasioned by confiscation, detention by any government or customs authority
g) Loss of or damage to the goods caused by Theft, Pilferage and Non Delivery (TPND) caused by employees of the Assured
h) Loss of or damage to the goods arising from hijacking, loading and unloading
(Note :This list is non-exhaustive. Please refer to the policy contract for the full list of exclusions under this policy.)
You may cancel your policy at anytime by giving written notice to our company in which case we shall retain the customary short period rate for the time the policy has been in force. Upon cancellation, you are entitled to a refund premium subject to the minimum premium to be retained by the company. No refund of premium will be allowed if there is a claim under the policy.
It is important that you inform us of any changes to your contact details to ensure that all correspondences reach you in a timely manner.
8. Where can I get further information?
Should you require additional information about our Goods In Transit insurance or any other types of insurance products, you may contact ACPG directly at your convenience. Alternatively, you may visit our website at www.acpgconsultant.com.
ACPG General Insurance Company is one of the most renowned insurance companies across the globe. It is well known for providing insurance policies which are tailor made for each and every customers need.
At ACPG, they have policies for the customer’s aviation insurance according to the customers needs as every customer is unique.
The policies which are created are backed by one of the largest Aviation insurers in the world.
ACPG General Insurance Company provides insurances for Loss of License for Pilots, Crew insurance, Airport Liability, Airlines, General Aviation, Fixed Wing, Helicopters etc.
Marine Hull Insurance covers loss or damage to hull and machinery. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator.
Scope of Cover
Institute Time Clauses
These are the main clauses and most important in Marine Hull policies. Time Clauses covers for a specific period usually 12 months. As the nature and degree of risks which the Insurer run vary according to the kind of vessel, there exist a number of categories in the Time Clauses. They are : -
Institute Time Clauses (Hull)
Institute Time Clauses (FPA)
Institute Time Clauses (Total Loss Only)
1.Institute Time Clauses (Hull)
Provides the maximum coverage offered by hull insurance.
Perils Covered
1.Perils of the sea
2.Fire & explosion
3.Violent theft
4.Piracy
5.Breakdown of accident to nuclear installations etc.
6.Contact with aircraft
7.Earthquake, volcanic eruptions or lightning
8.Accidents in loading etc.
9.Bursting of boilers
10.Breakage of shaft
11.Latent of defect
12.Negligence of masters etc.
13.Negligence of repairers etc.
14.Negligence of charterers etc.
15.Barratry
Excluded Perils
1.Wilful misconduct of the Assured
2.Loss caused by delays
3.Wear and tear
4.Rats and/or vermin
5.Injury to machine not proximately caused by maritime peril
Paramount Exclusions in the Policy
1.War
2.Strikes
3.Malicious acts
4.Nuclear exclusion
Other Losses & Expenses Covered
1.Pollution Hazard
2.3/4th Collision Liability
3.General Average and Salvage
4.Sue and Labour
5.Constructive Total Loss
2.Institute Time Clauses (FPA)
The coverage of these clauses are similar to that of Hulls Clauses but exclude coverage on machinery damages in all respects. It is advised that all vessels which exceed 15 years of age or older, if the risk accepted, to give this coverage only. Past experience shows that older vessels suffer serious casualties due to machinery damage. If machinery damage is excluded due to limitation of this clause, there is a better chance of making hull underwriting profit.
3.Institute Time Clauses Hulls (Total Loss Only)
As the name suggested, this clause only covers in the event of it becoming a total loss by arrangement, actual, compromised or constructive total loss. The rate for this cover is low and usually this cover is only extended to old vessel (but not more than 20 years) or on accommodation only.
Institute Yacht Clauses
This clause are basically Institute Hull clauses amended for yachts and include all damages to hull, masts, spars, sails and other equipment on board the yacht but does not include damage whilst the yacht is racing.
Caution should be taken with regard to charter yachts and if the risk is accepted, the following warranty must be included into the policy conditions, namely:
'Warranted that professional skipper & crew is in attendance at all times'
Full details of the Skipper and Crew's experience must be obtained.
Institute Voyage Clauses
This insurance covers risks during a voyage from one port or place to another or a round voyage. In so far as ordinary vessels are concerned, as most of them are usually insured under a time policy, voyage insurance is effected only in such cases as delivery voyage of a new vessel to buyer from the shipyard or a voyage of a vessel to be repaired at shipyard. The period of coverage is usually less than a year and the scope of coverage is almost identical that of time policy. In which case, there are also the FPA and Total Loss cover.
Builders' Risk Insurance
This type of insurance covers whilst vessel is under construction. During that period, it is exposed to risks such as fire, tidal wave, capsize or failure in launch. It is also exposed to collision and sinking on a trial trip. The builder's risk insurance effected by shipyards provides cover against all such risks. The insured value is the contract price or the estimated completed value of the vessel if there is no contract price. The period of insurance should be from the time of inception of the construction to the time of delivery. Hence, the period can well exceed 12 months.
Hull War And Strike Risks Insurance
War and strike risks are usually excluded from the cover of ordinary marine insurance policies in any market throughout the world. This insurance covers exclusions under Article 11 of the Institute Time Clauses. It can only be effected on vessels which are insured against ordinary marine risks. The rate of premium fluctuates frequently reflecting the climate of world politics at the time of inception of the risk.
Terrorism Insurance
Loss of Time Insurance
This insurance indemnifies a ship owner for loss of anticipated profits or operating costs where the insured vessel is forced to be out of commission in consequence of damage caused by maritime accident. The period of insurance is one year and the insurable value is calculated based on the following: -
estimated operating costs
estimated chartering to be earned
estimated gross income of freight
The loss of time is covered on the basis of the number of days required for the completion of the repairs, counting from the day following the day of the accident. The Insurer's liability per any one accident is limited to certain number of days up to 180 days throughout the year.
Problems are a part of all businesses whether they are on land or at sea. Marine hull is a common problem experienced by ships and other sea vessels but it could be a great hindrance when it affects business vessels. The Marine Hull Insurance Policy of Bajaj Allianz General Insurance seeks to protect the client against such problems.
Under the Marine Hull Insurance policy of ACPG General Insurance aims at protecting ocean going vessels, coastal vessels, inland vessels, yachts and pleasure crafts, port crafts, ship building and it even takes liability of the charters.
ACPG General Insurance company is said to be a part of the insurance policies for some of the biggest and best naval ships in the country. They even provide assistance to vessels and ships coming into the country through their Marine Hull Insurance.
ACPG General Company is known to be one of the best non-life insurance companies present in the country and they live up to these standard with their dedicated service and day and night assistance assurance. The claims are settled in the quickest and most efficient manner without causing much inconvenience to the client.
ACPG insurer is one of the strongest Hull Insurers in the world and so insurance from ACPG General Insurance in India is definitely worth trusting as the company falls within the gamut of the ACPG insurer Organization and promises its clients global expertise in all their endeavors. The insurance is provided against any calamity that may be experienced on the waters. The document should be read for further details.
In your role as a transportation specialist, you perform numerous and diverse services for your customers. As a result, you require coverage to protect not only your principal activities but the scope of your entire operation as well.
We are pleased to present the Marine Comprehensive Combined Transit Liability Insurance Scheme to all members of FMFF. This insurance scheme is a combination of liability coverage that enables you to tailor a blanket of protection to cover your transportation related exposures.
Each coverage provides a distinct type of protection and serves as a foundation upon which you can build a policy to cover potentially vulnerable areas of your operations.
This scheme is basically divided into 3 divisions.
FOR NON-HOUSE BILL OF LADING ISSUER
(COMPULSORY SECTION)
Section B : Errors & Omissions Insurance
Section C : Bailee Liability Insurance
Section F : Third Party Liability Insurance
FOR HOUSE BILL OF LADING ISSUER
Beside the above sections, the following section also is compulsory for this category :
Section A : Bill of Lading Insurance
OTHERS OPTIONAL SECTIONS AVAILABLE
Section D : Custom Fine & Duties Liability Insurance
Section E : Container Liability Insurance
Section G : Fidelity Guarantee Insurance
Corporate Insurance
A comprehensive coverage that protects your business from the beginning. The following are some common coverages:
- Property Insurance
- Construction & Engineering Insurance
- Liabilities Insurance
- Group Employee Benefits Program
Being a Agency for International Forwarder Group of Companies, we ACPG understand first hand the need to protect your valuable cargo shipments against damage or loss while in transit.
We ACPG established our Cargo Insurance division to provide our clients with peace of mind by offering the much needed service of primary insurance coverage based on the actual full value of the goods (not weight) and on a custom per shipment basis.
Through
our specialized Marine Cargo insurance policy, we are able to issue
customized insurance policy for each shipment to properly protect your
goods during transit.
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