Marine Cargo Insurance

WEQAYA MARINE INSURANCE

Weqaya Marine Cargo insurance provides cover for losses or damages to goods in transit (by sea, air, land) either within KSA or for imports/exports to and from KSA.

Weqaya have suited 5 products to meet all our clients’ need, which are:

MARINE CARGO(SPECIFIC) INSURANCE POLICY

What is the coverage.

This Policy Provide Coverage against loss, damage, liability or expense resulting from risks specified in the policy during the designated voyage covered by this insurance.

This Policy can be affected and best suited for specific cargo insurance and private shipments.

MARINE CARGO INSURANCE OPEN POLICY

What is the coverage.

This Policy Provide Coverage against loss, damage, Liability or expense resulting from risks as detailed in the Chosen Institute Cargo Clauses.

This policy is designated for commercial entities as it provides coverage for all shipments, during a specified period, subject to the declarations sent to the company and certificate of insurance obtained.

Such policy provides peace of mind; reduce administrative work in addition to associated costs on clients as they don’t have to insure each shipment separately.

GOODS IN TRANSIT INSURANCE POLICY “ALL RISKS”

What is the coverage.

This policy provide coverage to insured property in case of its loss, damages or destruction by any cause whatsoever, except than what excluded in the policy wording, while such property is within the Geographical Area defined (including direct transit within and between such territories) and is being loaded onto or carried by or unloaded from any conveyance or whilst loaded on such conveyance and temporarily housed in course of transit until final destination/warehouse.

INLAND MARINE INSURANCE OPEN POLICY “All RISKS”

What is the coverage.

This Policy Provide coverage against All Risks of physical loss or damage, subject to the exclusions mentioned in the policy, from any external cause (including burglary) whilst the insured cargo is being conveyed by Motor Vehicle/ or by Land Conveyance. This policy also gives the benefit of immediate cover being an open policy.

INLAND MARINE INSURANCE OPEN POLICY “ROAD RISKS”

What is the coverage.

This Policy provide coverage against the loss or damage occasioned by fire, collision, overturning, derailment, breaking-down of bridges, or accidents of like nature whilst the cargo insured is being conveyed by Motor Vehicle and/or Train by land. This is the basic cover needed for land transit of goods from one place to another.

What are the standard exclusions - Applicable to all.

Weqaya Marine insurance Policies do not cover

  • War, invasions and civil war
  • Sabotage and Terrorism
  • Nuclear and radioactive damages.
  • Rejection Risks
  • Improper or unfitness mean of transport.
  • Insufficient packing
  • Wear & Tear, Normal loss in weight and Normal leakage.

How to claim on our Products.

  • In case of any event of a claim please immediately give notice to the company with Policy details in writing.
  • Take all reasonable actions with due diligence to minimize, avoid or diminish the loss or damage.
  • Complete the claim forms obtained from Weqaya and submit the same along with available documents.
  • Complete the claim forms obtained from Weqaya and submit the same along with available documents.
  • In the case of goods being lost or stolen or willful damages immediate notice should be given to the Police to recover any property lost,
  • It’s important not to negotiate, pay, settle, admit or repudiate any claim under the Policy without the written consent of the Company
  • It’s important not to negotiate, pay, settle, admit or repudiate any claim under the Policy without the written consent of the Company

Note:

The information here above is only indicative and not to be considered as full information. For full details, terms & conditions please refer to the Insurance Policy.