Port Package

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Port Package Marine Insurance Coverage for Seaports

Port package insurance

As ports and terminals diversify into logistics, they require comprehensive corporate risk management services to cover new liabilities. Port authorities face complex operational, environmental, and commercial property insurance policy risks. These range from vessel damage to losses from port blockage and oil spill liabilities. A Port package policy offers standard and optional coverages tailored to these unique exposures. The major sections of coverages are:

  • Property damage

  • Business Interruption.

  • Port and Terminal operators’ Legal liability/ TP liability.

  • Cargo Handling Equipment

  • Port Vessels.
Port machinery and equipment insured under project insurance policy

Who needs this coverage/insurance ?

  • Airfreight handing terminals

  • Automated terminals

  • Bulk liquid terminals

  • Bulk marine terminals

  • Container terminals

  • Marine terminals

  • Port authorities

  • River terminals

Typical Policy Cover

Material damage section provides cover on all risk basis for the following items.

  • Loss or damage of cargo under custody

  • Physical loss or damage to own/ leased handling or carrying equipment

  • Port / Terminal property.
Business Interruption

  • Due to Damages under Material Damage section

  • Due to blockage of ports and/or channels
Liability Section

  • Liabilities for loss of, or damage to, cargo, customers' equipment and ships

  • Liabilities arising from errors and omissions including delay and unauthorized delivery

  • Third party liabilities including impact and sudden accidental pollution

  • Fines for regulatory breach such as customs, pollution and safety at work

  • Wreck removal costs

  • Investigation, defense and mitigation costs

  • Disposal costs following an accident

  • Quarantine and disinfection costs/ cleanup cost.