Marine Insurance

Keep your business covered across the sea & air with the best Marine Insurance Policy

Heading out to sea or air poses unknown danger to cargo and ship owners. Exposure to sea or air voyage risks may wash away hard-earned investments. BPI/MS Marine Insurance provides guaranteed insurance protection for cargo, aircraft and ship owners, giving them the security and peace of mind they need.

BPI/MS Protects Across The Seas and Air!

BPI/MS Marine Insurance Policies protect the insured company or individual from financial losses directly caused by loss of cargo, freight, ship, aircraft or other interest in movable property during transits by land, sea or air.

Choose from the following BPI/MS Marine Policies:

Marine Cargo Insurance

Provides loss protection from loss of cargo/es while in transit.

The two types of Marine Cargo Insurance are:

a. Individual Policy

Ideal protection for cargoes having limited movements of one to four times a year. The terms and conditions are negotiated on a per voyage or transit basis.

b. Open Marine Policy

Ideal protection for regular cargo importation or exportation. With the Open Marine Policy, all that needs to be done is declare to BPI/MS each and every shipment. The cargoes are then automatically covered based on the pre-agreed terms and conditions set in the Open Marine Policy.

Inland Marine Insurance

Provides loss protection for cargoes being delivered through land conveyance. This can cover merchandise or equipment that need to be transported in trucks.

Aircraft or Aviation Insurance

Provides protection from direct financial losses brought about by loss or damage to the aircraft. Third party liabilities and personal accident coverage can also be provided for Pilot or Crew.

Marine Hull Insurance

Provides protection from direct financial losses brought about by loss or damage to the vessel. This can also cover salvage charges, sue and labor, and general average expenses.

Fixed Premium P & I for the Shipowners and Charterers.

SHIP OWNER’S LIABILITY

This insurance provides cover for Shipowners’ risks against liabilities related to:-

a. Cargo

Covers for cargo shortage, damage or non-delivery

b. Crew

Covers compensation costs from illness, permanent injury and death, as well as medical and repatriation costs and hiring a replacement

c. Third Party Liability

Loss that is not covered under the contract and as a result of an error that a shipowners has made, e.g. pollution, collision and personal injury claims

d. Costs

Any costs incurred for defense against a legal liability claim – typically including survey expenses, lawyers’ fees and formal investigation

CHARTERER’S LIABILITY

To cover the charterer against his legal liabilities, related costs and expenses, which are incurred in respect of the Insured Vessel, arising from events during the Period of Insurance.

Protection for liabilities in respect of:
a. Loss of or damage to cargo
b. Death and personal injury
c. Collision / Damage to berth
d. Fines and/or Quarantine costs
e. Pollution from own vessel
f. Wreck removal