Marine insurance
Marine insurance is very international. It was designed and developed primarily to enhance international trade by providing adequate insurance protection for the goods as well as the vessels carrying them. International practices, conventions, rules and conventions Marine insurance practices have been fairly standardized all over the world today.
Insurance coverage for underwritten risks in the marine section is provided by various standard clauses, which are attached and/or printed on the board of the policy. These terms are independent and define policy cover, conditions and exclusions.
The cover of the document is provided by the relevant clauses, which are either printed on the body of the document or attached to the document. The policy schedule is generated from the computerized system.
The Company uses applicable and relevant items used in the international marine market. This "law and practice" is referred to in the relevant clauses. In light of this Articles of Association in English also relevant for underwriting purposes, in particular the Marine Insurance Act 1906 and any subsequent amendments thereto.
The sea freight policies issued by the Company in respect of land transit are in accordance with the terms of land transport perils including war and strikes cover.
shipping policies
Shipping documents are issued in connection with the shipment of goods by sea, air and land or any combination thereof. The company's merchandise portfolios consist mostly of imports. Policies are also issued in connection with exports from Saudi Arabia. To other countries as well as exports from other countries to other countries arranged by dealers based on the Kingdom of Saudi Arabia.
Bill of lading (one trip)
The flight document is issued for a specific declared voyage to cover the freight under one shipment. The policy will be issued on the basis of the initial information provided by the insured. Changes to the initial information, if any, must be declared by the insured. These changes must be incorporated through endorsements.
If the details of the carrier vessel cannot be provided at the time the insurance is made, they must be declared at least prior to its arrival at the port of destination.
Under the terms of the policy, partial shipments of the shipment are kept covered but return shipments are covered at an additional premium to be agreed by the company.
Open Cover Policy
An open cover policy is a time policy that is issued either for an annual period, renewable upon expiration, or for a fixed period of time. This specified period may be for a minimum period of 12 months and may be extended at the request of the insured. An open cover policy provides coverage for all shipments of specified cargo for specified flights/transit during the specified period under the specified conditions. All shipments under an open policy arrangement must be declared by the insured in accordance with the terms of the policy.
Advertising insurance certificates may be issued as per client requirements. Under open cover policies where it has been agreed that shipments will be declared at fixed intervals, such declarations must be pursued and obtained at agreed intervals.
internal transit
The Inland Transit policy covers goods insured against total loss / partial loss / and related expenses while the goods are in domestic transit. Inland sea transportation policies are designed to provide adequate coverage and provide adequate compensation for goods/goods transported through various modes of transport and transit.
• Inland Transportation (Rail or Road) - A (All Risks): Covers all risks of physical loss or damage subject to exclusions
• Domestic Transportation (Railway or Road) - B (Basic Cover): Covers material losses or damages resulting from:
Fire, lightning, bridge collapse
- Deviation, collisions or accidents during the transportation of goods • Clause internal transport (railway or road) - A: covers material losses or damages caused by fire or lightning