Marine Cargo Insurance can be made into an arrangement on an open cover basis allowing consumers insurance and cover of all of their cargo shipment within a specified period of time as long as they comply with open cover declaration and are transported in conformance to the policy requirements.
It is required to make declarations for each and every shipment as and when shipments are effected ensuring every condition stipulated is met.
An Individual Shipment Cover can be made into arrangement, for example, when a particular client is not a regular shipper. Declaration of these shipments must be made before shipment. However, they are usually charged at a higher risk premium because of its individual nature.
As issued by the ICC or International Chamber Of Commerce, cargo shipments are typically conducted under INCO TERMS. Risk Ownership is transparently stipulated in ICC documentation and is utilized for the insurance cover’s establishment and duration. If necessary, inland transportation is also provided with a coverage and advise can be made by any RAK Insurance Office.
In addition to offering Marine Hull, Cargo Cover, and Liability, RAK Insurance provides you with Oil Platform and Drilling Insurance for both marine- and land- based areas.