Marine Insurance Practice at Prudent offers state of the art insurance solutions for all types of risks like hull (ships, vessels etc.), cargo and liability.
The teams’ expertise includes all lines of traditional marine insurance. Our Marine Practice is particularly known for arranging state of the art, tailor made, bespoke solutions for complex transit risks requiring global solutions with local services. Our teams are structured to provide highly customized services while providing world class solutions to the enormous challenges of marine transit risks. This integrated approach is backed by decades of technical knowledge allowing us to offer unparalleled expertise through a single touch point at a local level no matter where the marine risk may be.
Our experienced team works closely with a wide range of clients in all Industry segments. Apart from providing efficient and effective solutions to any specific need in marine insurance, the team also provides valuable inputs towards marine loss control measures, deductible/retention analysis, benchmarking and standard operating procedures for various activities in the chain. Our ability to assist and manage large value claims as well as large number of claims is unparalleled in the Indian broking industry.
Covers loss or damage to cargo during transit by any mode from one defined point to another anywhere in the world, including loading & unloading. Marine Insurance is the oldest and most complex form of insurance, one of the rarer lines of insurance on “Agreed Value Basis” and hence, “Basis of Valuation” is extremely important.
The Inco terms of trade govern this line of insurance but the practical problems/issues with respect to Inco-terms and rare contingencies of buyers and sellers need to be addressed. The permutations and combinations in various legs of transit between the point of departure to the point of destination need to be understood. The recoveries from transporters under the legal contracts of affreightment and the time limits for the legal processes are integral to claims recoveries.
We, at Prudent, specialize in designing and executing tailor made solutions for the most complex transit risks globally or within India. With intentional storages during the transit getting specifically excluded from Marine cargo insurance, we provide the most efficient solutions for a seamless cover without any gap.
Covers physical damage to equipment and vessels of any kind- large vessels to crafts and yachts due to perils named as per Institute Time Clause, as well as Collision Liability, Sue and Labour Expenses, Salvage and General Average.
We, at Prudent, have capabilities to design and execute efficient Hull and Machinery insurance solutions for all types of vessels operating in oceans, lakes, or rivers like bulk carriers, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs.
While the standard cover is as per the Institute Time Clauses, the cover can be customized to a great extent to include 100 % Collision Liability, War and Strikes Insurance, Increased value Insurance to actually replace the vessel in case of Total Loss, including cover for any fixtures attached to the Hull or machinery. Inclusion of loss due to piracy can be a specific requirement depending on the location or route of the vessel.
A form of mutual maritime insurance which provides cover for open-ended risks that traditional insurers are reluctant to insure: personal injury, illness and death claims from crew, passengers and so forth Liability risk, carriers risk for damage to cargo, war risks, risks of environmental damage (oil spills, pollution etc.).
We, at Prudent, have strong capabilities to assist our clients (owners of vessels operating in oceans, lakes, or rivers like bulk carriers, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs) in advising and arranging bespoke coverage - P&I Insurance requirements. Cover available from various P&I Clubs across the world. P&I Club is essentially a mutual insurance association that provides risk pooling, information, representation and risk mitigation for its members (ship owners, ship operators, and charterers, freight forwarders and warehouse operators). P&I insurance provides cover:
It does not cover risks that would fall under a workers’ compensation policy or under the collision clause in a traditional hull policy.
Third Party Liability covers for various entities involved in the Shipping Industry: Terminal Operators, Port Authorities, Ship Repairers, Charterers, Stevedores, Freight Forwarders, etc.
We, at Prudent, have a solid understanding of the Shipping Industry and specific needs of various entities of the industry, and have capabilities to render specialist advice and provide insurance solutions.
Certain risk and liabilities that do not get covered by Protection & Indemnity Insurance, need to be dealt with special expertise for innovative and bespoke insurance solutions. Terminal Operators Liability, Charterers Liability, Carrier Legal Liability, Ship Repairers Liability, Freight Forwarders Liability are some of the niche products in which we have sound expertise.
We have vast experience working as a full-service insurance broking agency.
See some of the commercial insurances