Of all the modes of transport - road, rail, air, and water - it is water that causes the most worry. Oceans are vast, and also unpredictable. Marine insurance is important because it protects you from (financially) sinking. The Union Insurance Marine insurance provides comprehensive coverage for ships, boats, and the cargo they carry, to keep you sailing smoothly when the voyage is rough.
The Union Insurance Marine Hull and Cargo Liability insurance provides broad yet in-depth coverage to financially secure you from physical damage to your vessel, as well as the cargo it carries while extending to risks involving employees and third party passengers. Backed by highly skilled marine claims specialists and risk consultants with years of experience, you can be assured of solutions that will help you weather any sort of storm.
This is designed to cover the liabilities of cost, custody, and control (CCC) assumed by the party chartering a vessel, while the operation of that vessel remains under its owner’s control.
This provides insurance against any legal liabilities a ship repairer faces for damage to vessels under their care, custody, and control.
This policy indemnifies policyholders against any liability for damages to third party property, bodily injury, and defence costs resulting from an insured operation within the port.
This protects stevedores from any legal liabilities that may arise from damage to vessels and cargo, that are under their care, custody, and control for the purpose of loading and discharging that vessel.
This policy insures marine operators against any legal liabilities that may occur due to unfortunate events connected to visitors or parties who are at the marina, or on the vessel, under their care, custody, and control.
This provides policyholders with coverage against cargo liabilities, third party liabilities, damages or losses caused by errors and omissions, and legal costs. We also offer a package cover for damages (including third party liability) caused by hauliers’ operations.
Written in conjunction with our Hull and Machinery policy, this protects the owners and operators of a vessel against liabilities that arise from third-party bodily injury and property damage. You also have the option of customizing your standard coverage to include the following:
Our team is dedicated to providing tailor-made insurance and risk management services that cater to both individuals and corporates. Our priority is to deliver creative and cost-effective risk management and transfer solutions, as well as innovative products to meet the needs of individuals, corporate clients, and other stakeholders.
We have dedicated client service and claims management teams to be at your service 24/7, and ensure a smooth and transparent claims process whenever you require it.
Insurance is a means of protection from financial loss. It is a form of risk management against unexpected events. Insurance companies collect premiums to provide this protection. Losses are covered by these premiums.
Insurance protects you financially in a number of ways. Unforeseen accidents and disasters are inevitable; without adequate insurance, they can lead to financial ruin. Insurance mitigates risks by providing a financial cushion against these disasters.
General insurance refers to any insurance that is not life insurance. It provides you with protection against sudden accidents, illnesses, property damage, and financial threats.
General insurance contracts usually last for a year. You will be required to renew the policy every year.
It is important to identify risks and insure yourself against them at the earliest because they can materialize at any time.
You can contact the customer service cell of the insurance company.
Should that fail, you can approach your local insurance authorities or the judiciary.
You may also contact the above if you feel your provider is unfairly refusing to renew your policy.
Insurance is primarily sold through the following:
The proposal form is an important step in the contract between insurance providers and policyholders. It also contains all the information required for preparing the policy in question.
A premium refers to the fixed sum paid over an agreed period of time by the person insured, to their insurance provider.
The deductible is the amount paid out of pocket by the person insured before their insurance provider pays any expenses.
Underwriting refers to the process by which the insurance provider determines whether to approve the policy holder’s application, including the rate of premium.
There is no fixed sum, it varies from product to product.
In the case of death covers, there is no possible way to ascertain the monetary value of human life. However, the usual coverage goes up to match the estimated gross monthly salary of the deceased. In the case of travel insurance, the sum depends upon the medical price index of the country traveled to.
It is crucial to ensure that you are adequately covered by each insurance policy you buy. For asset or property insurance, the market value or reinstatement value of the asset should be taken into question before deciding on the sum insured. If the sum is not adequate, a percentage representing the uncovered portion of the asset is to be borne by the policyholder.
Discounts are usually available on renewed policies with good/no claim history records and low risk factors, but offers vary among individual insurance providers.
Your broker can deposit a cheque from you to your insurance provider, they cannot issue a receipt.
Reinsurance refers to the arrangement undertaken by insurance companies to spread and mitigate risk with other underwriters or reinsurance companies.
UIC's private health insurance offers you both choice and flexibility to help you find a healthcare plan that suits your requirements perfectly, as well as those of your family. From diagnosis to medical treatment, our coverage is carefully designed to secure your health and with it, your peace of mind.
Nothing is more important than being able to provide for your loved ones despite any eventuality. Regardless of your situation in life, you're guaranteed to find a life insurance plan that is perfectly tailored to your needs among the extensive range on offer below.
Whether it's the theft of your personal belongings or structural damage caused by a natural disaster, our comprehensive coverage addresses every single contingency that poses a potential threat to your home, and takes steps to protect you from it.
UIC's group health insurance plans are designed for companies of all sizes, providing employers with straightforward solutions that are guaranteed to protect the interests of their employees as well as their organisation.
UIC's property insurance addresses a wide range of risks, ranging from accidental mishaps to natural calamities. Regardless of the size of your business, we have addressed every measure you need to consider to protect it, as you can see from the array of plans available below.
Whether you want to secure your vessel from external risks or protect the valuable cargo on board, UIC's marine insurance plans offer coverage for every risk you've thought of - as well as some you haven't - to ensure your security at sea.
UIC's fully tailored engineering insurance plans are designed to meet specific risks faced by the engineering industry. We offer security to you and your employees by addressing the particular requirements of your company and protecting you from legal costs, compensation, and expenses.
UIC offers an extensive range of plans to secure yourself, as well as your business, from any sort of liability that may arise suddenly and unexpectedly. This is supplemented by round the clock customer care that will provide you with immediate assistance and make your journey with us as smooth as possible.