Marine Insurance

The risk of trading products, goods and equipment doubles up when we transport items from the seller’s warehouse to the buyer’s storage.
Always consider safety of your trade.

In cargo shipment, choose Charter Ping An.

Raw materials and goods need to be transported to reach its users. How they are transported needs to be efficient and secure. Charter Ping An offers Marine Cargo Insurance to give you peace of mind in the event that your cargo gets into a mishap. Charter Ping An covers losses or damages of cargo and any transport or property by which cargo is transferred, acquired or held between the point of origin and final destination.

We have designed our Marine Cargo Insurance to insure merchandise from the time it leaves the seller's premises until it reaches the buyer. It encompassed all modes of conveyances, be it by land, sea or air.

MARINE CARGO (by sea, air or land)

Ocean Marine

Waterborne (lakes, rivers, canals) cargoes. Covers perils of the sea.

Inland Marine

Cargoes transported over land. Related to the inland risks on the land.

BRIEF HISTORICAL BACKGROUND

Marine Insurance is the oldest form of insurance known to modern man. Its history dates back to the days of the Babylonians and Hindus who engaged in "bottomry" contracts. These early contracts essentially were made between bankers and shipowners. Frequently, the shipowner would borrow funds to buy cargo and finance a voyage. The bottomry contracts specified that if the ship or cargo were lost during the voyage, the loan would be canceled. Of course, there was a substantial charge for this contract.

FUNCTION OF MARINE INSURANCE

Provides indemnity for all losses due to maritime and transit perils; Enables ship-owners not to freeze a portion of their capital as reserve fund for the losses of their vessels; Makes it possible for rapid expansion and development of the import and export trades.