Marine Insurance

Karnaphuli Insurance is one of the leading providers of Marine Insurance in Bangladesh.

• The packages comprise:
  • Hull Insurance.
  • Cargo Insurance.
  • Goods in Transit Insurance
• Marine Insurance Act 1906.

• Plays an important role in domestic trade as well as international trade.
• Provides insurance cover in respect of loss of or damage to goods during transit by –rail, -road –sea -air

• Time Policy
• Voyage Policy
• Mixed Policy

• Fire or explosion.
• Vessel or craft being stranded, grounded, sunk or capsized.
• Overturning or derailment of land conveyance.
• Collision or contract of vessel, craft or conveyance with any external object other than water.
• Discharge of cargo at a port of distress.
• General average sacrifice.
• Jettison.

• Provides cover under ICC ( C )
• Additional risk
  • a) Earthquake, volcanic eruption or lightning.
  • b) Washing overboard.
  • c) Entry of sea, lake or river water into vessel.
  • d) Total loss of any package lost overboard or dropped whilst loading or unloading from vessel.

Can be added on payment of extra premium to ICC (B)

• a) Theft, pilferage and / or non-delivery.
• b) Fresh water and rainwater damage.
• c) Hook and / or oil damage.
• d) Heating and sweating.
• e) Damage by mud, acid and other extraneous substances.
• f) Breakage.
• g) Leakage.
• h) Busting / tearing of bags

• Provide cover for all risks of loss or damage.
• All risks means losses which are caused by accidental circumstances.
• Under ICC (C) and (B) the risks covered are specified.

• Loss caused by willful misconduct of the insured.
• Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear.
• Loss caused by inherent vice or nature of the subject matter.Loss caused by delay.
• Loss arising from insolvency or financial default of owners of the vessel.
• Loss or damage due to inadequate packing.
• War, riot, strike, lock-out, civil commotions and terrorism.