Hot off the Press – CIB launches Marine Division

//Hot off the Press – CIB launches Marine Division

Hot off the Press – CIB launches Marine Division

Open waters can pose any number of threats to both vessels and cargo. Then there is the reality that cargo might also be transported by airfreight, road, or rail – each with its own unique risks. This makes marine insurance a highly-specialised and niche product.

CIB is excited to enter this market with our CIB Marine Insurance product suite. Set for launch early August, CIB Marine will provide existing and prospective clients with access to comprehensive Cargo, Hull, and Marine Liability solutions. As per all our other products, CIB Marine will be underwritten by Guardrisk with international reinsurance and risk management support. Guardrisk Insurance Company Limited currently holds a Fitch rating of AA+ and a Level 2 Contributor B-BEEE Rating through its parent company, MMI Holdings Limited (MMI).

Cover on offer will include but not be limited to:

• Marine import and export, from supplier warehouses internationally to final destination in sub-Saharan Africa, and vice versa

• Project Cargo with Advance Loss of Profit (ALOP)/Delayed Start Up (DSU) extensions

• Goods in Transit for goods moved by the Insured or by third-party carriers

• Carrier’s Cargo Liability

• Stock Throughput, which includes transportation, storage, and distribution

• Marine Liabilities, including Freight Forwarders

• Smallcraft and related liabilities

• Commercial Hull

The specialist Marine Division will assist brokers with structuring custom policies according to the exact risks and associated covers required by our clients. It will also provide expertise and support to help brokers better understand, service, and advise on marine insurance needs and requirements.

For more information, please contact our Head of Marine Insurance; Petra Fordyce:
011 579 6382 (direct) or petra@cib.co.za

By | 2017-08-25T11:31:16+00:00 July 1st, 2017|News|0 Comments

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