What is port Package Policy?

What is port Package Policy?

Port Package Policy is a comprehensive package of insurance products designed to cope with the combination of commercial and environmental business risks faced by port authorities and terminal operators. The policy is divided into several sections that typically include the following: Property damage.

What is covered under marine cargo insurance?

Marine cargo insurance is a class of property insurance that insures property while in transit against perils consequent or incidental to the navigation of the sea or air or rail/road/inland waterways.

What does port risk mean?

Port Risk — a type of coverage afforded a vessel that is laid up for an extended time period, normally in excess of 30 days. Coverage is provided for both physical damage and protection and indemnity.

What are bulk ports?

These are the special ports to handle cargo only. These ports are also known as “bulk ports”, “break bulk ports” or “container ports”. The cargo ports involve many mechanical techniques to load or unload the shipment. A cargo port may be designed to deal with single, as well as multiple types of products.

What are the two types of marine insurance?

Types of Marine Insurance

• Freight Insurance.
• Liability Insurance.
• Hull Insurance.
• Marine Cargo Insurance.

What is not covered under marine cargo insurance?

Loss or damage due to improper packing. Financial default or insolvency of owners, charterers, managers, or operators of the vessel. Loss or damage due to wire, strike, riot, and civil commotion. Loss or damage arising from the use of nuclear fission, weapon, or any other radioactive force.

What is port risk insurance?

A mortgage bank’s port risks insurance typically provides specialist protection for the financing bank during a foreclosure/arrest process, primarily during the time the vessel is in port or at anchorage. • The policy will cover loss of, or damage to, the collateral asset and related third party liabilities.

What are two types of marine cargo insurance?

All-Risk and Named Perils are the two main types of cargo insurance an importer can purchase to protect their goods during their supply chain.

What are the three levels of cargo insurance cover?

Land cargo insurance Coverage: Theft, damage from collision, and other risks.

What are the types of marine policy?

Types of Marine Insurance policies

• Floating Policy.
• Voyage Policy.
• Time Policy.
• Mixed Policy.
• Named Policy.
• Port Risk Policy.
• Fleet Policy.
• Single Vessel Policy.

What is floating policy in marine insurance?

Floating Policy: A marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey, is known as a floating policy.

What are the types of cargo insurance?

Types of Cargo Insurance: Land and marine cargo insurance are the two main types of cargo insurance (which also covers air cargo).

What is dry bulk operations?

From grains to coal and from sugar to cocoa, dry bulk cargoes cover a range of produce and raw materials that have two features in common: they are unpacked and are homogeneous. These two properties make it easier for dry bulk cargoes to be dropped or poured into the hold of a bulk carrier.

Which is an example of dry bulk?

Some examples of major dry bulk commodities include iron ore, coal, and grain. These major bulks account for nearly two-thirds of global dry bulk trade. Minor bulks include steel products, sugars, cement, and cover the remaining one-third of global dry bulk trade.