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Marine and Aviation Insurance
A policy that insures import and export cargo delivered by sea freight, airfreight and/or land, from Israel to the whole world and the reverse, or between different locations worldwide.
Unlike other insurance policies, this is subject to English Law, and not to Israeli Insurance Contract Law.
The insurance interest passes from the seller to the buyer, as the former transfers all the commercial documents to the latter. These documents also contain the sale conditions, including the possession of insurance.
There are three main types of Marine insurance, based on the English Institute Cargo Clauses (ICC):
ICC A – which predominantly covers all risks.
ICC B – medium coverage that covers damage or loss to goods from perils of fire or explosion, vessel or craft being stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision, discharge of cargo at a port of distress, earthquake, volcanic eruption or lightning, loss of or damage to the subject-matter insured caused by general average sacrifice, jettison, entry of sea lake or river water into vessel, craft, hold, conveyance, container or place of storage, total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft.
ICC C – covers very limited risks, much like those covered under ICC (B) except for earthquakes, volcanic eruptions or lightning, jettison, entry of sea lake or river water, and total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft.
The most common coverage is ICC (A)
In addition to the above coverages, there are special Institute Cargo Clauses for the transportation of refrigerated goods, wood, bulk transportation of fuels, etc.
There are two main types of policies:
Open policy – unlimited in time, until it is canceled by one of the parties. The policy insures all shipments according to the policyholder’s declaration, who is obliged to report all shipments without exception.
The policy is mainly suitable for large importers or exporters.
One-time policy – insures a single shipment. The insurance must be issued out before the cargo starts its voyage and expires immediately at the end of the voyage.
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Tel Aviv Branch
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Address:
26 HaMasger St., Tel Aviv -
Phone
077-8012345 -
Fax
03-6396299
Haifa Branch
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Address:
177 HaHistadrut Ave., Haifa -
Phone
077-8012300 -
Fax
04-8492525
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