Cargo Insurance

Cargo Insurance

Marine insurance provides compensation for loss or damage of goods while being imported/ or if they get lost while being shipped.

In cases where the purchase of the goods is facilitated by a financial institution, insurance becomes a mandatory requirement.

Cargo is covered from:

a) Port of origin to port of destination

b) Port of origin to ware house

c) Warehouse to warehouse

Shipping Documents Required

a) Pro Forma/Commercial Invoice

b) Packing list

c) Import Declaration Form

d) Bill of Lading/Air Waybill

Why CIC?

a) Faster claims settlement

b) Competitive pricing

c) Inland transit cover

d) Convenient Online purchase of cover

e) Accessibility of your policy terms and conditions

f) Strong financial base.

g) Specialized team for Cargo insurance

h) Comprehensive all-risks coverage

i) Automatic “warehouse – to – warehouse” protection is provided with proper terms of insurance specifically designed for our Assured’s goods and methods of shipment. Such insurance provides coverage for the full exposure, at proper values and adequate limits.

j) Competitive Rates

k) Worldwide claims survey and settlement assistance

l) Flexible coverage options available

m) Customized covers suitable for your business needs

Marine Portal

Marine Open Cover Binder Rating

CLAUSES: Institute Cargo Clauses (A)

CLASS

CATEGORY

RATE APPLICABLE

A

Plant & Machinery & vehicles

Air: 0.175%

Sea: 0.35%

Excess: 2.5% of claim amount, min. Ksh. 50,000/-

B

Foodstuff & Healthcare products

Air: 0.2%

Sea: 0.4%

Excess: 5% of claim amount, min. Ksh. 50,000/-

C

Agricultural Input, Chemical & Pharmaceutical Products

Air: 0.30%

Sea: 0.60%

Excess: 2.5% of claim amount, min. Ksh. 20,000/-

D

Hardware, Plastic, timber & Metal products

Air: 0.1875%

Sea: 0.375%

Excess: 5% of claim amount, min. Ksh. 50,000/-

E

Electronics, Brittle, clothing and household Goods

Air: 0.30%

Sea: 0.60%

Excess: 5% of claim amount, min. Ksh. 25,000/-

In addition

Minimum Premium: Ksh. 5,000/-

War: 0.05%

Transshipment: 0.125%

Stamp Duty: Sea- 0.05% of sum insured

                         Air – Ksh. 40.00/-

Marine Portal

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