Marine Cargo Insurance
UAE acts as a trading hub for the Middle East and other countries. Today, organizations engage in trade and commerce that span massive distances. Be it imports for local distribution, exports or imports for re-export. All of these happen in UAE and on a very large scale. Goods that are being transported by sea, air or road are exposed to many risks. Loss or damage to goods can happen any time during a shipment or transit thus causing significant financial losses. This is where we step in to protect your interests.
Methaq’s Marine Cargo Insurance covers loss or damage to your goods while being transported by rail, road, air or sea.
Our online portal, Methaq Web Cargo, ensures fast and efficient issuance of policy documents via our distribution partners. You can get your policy within minutes. In addition to tracings that does not involve bank finance, the portal is customized to handle conventional trade finance and Islamic trade finance deals.
If you are a regular importer or exporter with large turnover we provide you the facility of having an Open Policy with pre-agreed terms and limits. You can thus cover all your shipments/transits falling within the scope of your Open policy without having to negotiate the price of cover for each shipment or transit. Certificates can be issued at the press of a button as and when the shipment takes place.
What is covered under these Policies?
Our Policies provide coverage ranging from All Risks to Restricted perils as per Institute Cargo Clauses & Land Transit Clauses. A quick comparison of the different types of covers are given below
| Risks Covered and the Exclusions |
Institute Cargo Clauses |
|
(A) |
(B) |
(C) |
| Loss or damage to the subject matter insured proximately caused by [in Clauses (A)] and reasonably attributable to [in Clauses (B) and (C)]: |
| Fire or explosion |
 |
|
|
| Vessel or craft stranded, sunk, burnt or capsized |
|
|
|
| Land conveyance overturned
or derailed |
|
|
|
| Collision or contact of vessel,
craft or conveyance with any
external object except water
|
|
|
|
| Discharge of cargo at port of distress |
|
|
|
| Earthquake, lightning or
volcanic eruption |
|
|
 |
| Malicious damage |
|
|
|
| Theft |
|
|
|
| Delay |
|
|
|
| Inherent vice or nature of the
subject matter insured |
|
|
|
| Willful misconduct of the assured |
|
|
|
| Loss or damage to the subject matter insured caused by: |
| General average sacrifice |
|
|
|
| Jettison |
|
|
|
| Washing overboard |
|
|
|
| Entry of sea, river or lake water into
vessel, craft, 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
|
|
|
|
| Piracy
|
|
|
|
What are the main exclusions under these Policies?
- Vessels not classified as per Institute Classification Clause
- Willful misconduct of the assured
- Ordinary leakage, breakage, wear and tear and loss in weight/volume.
- Insufficiency in packing
- Inherent Vice nature of the cargo
- Delays
- Nuclear perils
- War, strikes and allied perils (if war cover is not selected)
- Insolvency or financial default of owners, managers, charters or operators of the vessel
- Vessel that is not sea worthy
This is not an exhaustive list. For a detailed list of exclusions, please read our policy terms and conditions