Marine Insurance

Marine insurance is a specialized type of insurance that provides protection for goods and transportation vehicles during transit across sea, air, or land against potential risks throughout the journey.

This includes coverage for loss or damage caused by:

• Maritime accidents such as sinking, grounding, or fire
• Air and land transit risks such as collision, theft, or damage

Marine insurance is a critical component of international trade and supply chains, helping businesses protect their capital and reduce financial risks resulting from cargo loss or damage. It is also often a requirement in import/export contracts and letters of credit.

In Jordan, companies, importers, and exporters depend on marine insurance to ensure business continuity and avoid unexpected financial losses.

Cargo insurance provides protection for goods transported by sea, air, or land to and from anywhere in the world against risks such as:

• Vessel sinking
• Water damage during storms
• Fire or explosion
• Theft
• Collision or overturning
• Damage or breakage
• Partial or total loss
   

Types of Cargo Insurance Policies

• Single Shipment Policy

Provides coverage for a specific shipment from the point of origin to the final destination, based on the Institute Cargo Clauses (London).

• Open Cover Policy (Multiple Shipments)

Offers continuous and automatic coverage for all shipments (imported or exported) belonging to the insured during the policy period, whether transported by sea, air, or land, also based on Institute Cargo Clauses.

Coverage Clauses

Institute Cargo Clauses (A) – Comprehensive Coverage
The widest level of protection, including:

• Fire and explosion
• Grounding or collision
• Earthquakes
• General average expenses
• Theft
• Water damage
• Breakage
• Damage due to heat or evaporation
   

Institute Cargo Clauses (B) – Moderate Coverage
Covers partial losses or damage caused by:

• Fire or explosion
• Grounding, overturning, or collision
• Emergency unloading at a port of refuge
• Earthquakes
• General average expenses
• Water ingresses into cargo holds
• Jettison or washing overboard
   

Institute Cargo Clauses (C) – Basic Coverage
Covers losses or damage resulting from:

• Fire or explosion
• Vessel grounding, overturning, or collision
• Jettison
• General average expenses
• Emergency discharge at a port of refuge

War, strikes, and civil disturbance risks can be added for an additional premium.

With the growth of maritime activity, protecting vessel structures and equipment has become essential.

Hull insurance covers:

• Perils of seas, rivers, and lakes
• Fire and explosion
• Piracy by external parties
• Jettison of Cargo
• Collision with transport means or port facilities
• Earthquakes, volcanic eruptions, and lightning
• Accidents during loading and unloading
• Boiler explosions or machinery failure
• Negligence of repairers or charterers
• Crew or captain misconduct
• Damage caused by aircraft collision
• Third-party liability

The Islamic Insurance Company offers comprehensive aviation insurance solutions, supported by strong partnerships with leading global reinsurers.

Coverage includes:

• Aircraft hull insurance
• Passenger and baggage liability insurance
• Third-party liability insurance
• Cargo legal liability insurance
• Spare parts and equipment coverage
• Personal accident insurance for crew
• Hull deductible insurance

Marine insurance is essential for:

• Import and export companies
• Shipping and logistics companies
• Manufacturers and traders
• Aviation and maritime companies
• Financial institutions
• Individuals shipping valuable goods

• Provide shipment or transport details
• Select the required coverage
• Receive a quotation
• Policy issuance within a fast turnaround time