Port Package Insurance

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Port package insurance

As ports and terminals diversify into other activities like freight forwarding and logistics, they need insurance that is flexible enough to cover new risks and eventualities. Port authorities and terminal operators face a combo of operational, commercial and environmental risks. These risks range from damage to vessels to losses caused by port blockage and environmental pollution and resultant liability caused by oil spills. Port package policy is a comprehensive package with standard policy wording and some covers are optional. The major sections of coverages are:

  • Property damage

  • Business Interruption.

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

  • Cargo Handling Equipment

  • Port Vessels.
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Who takes the insurance?

  • Airfreight handing terminals

  • Automated terminals

  • Bulk liquid terminals

  • Bulk marine terminals

  • Container terminals

  • Marine terminals

  • Port authorities

  • River terminals

Typical 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.