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NAVIG8 MARINE FACILITY

NAVIG8 MARINE FACILITY. NAVIG8. Navig8 is a Marine Cargo & inland transit insurance facility specifically designed for the marine market.

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NAVIG8 MARINE FACILITY

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  1. NAVIG8 MARINE FACILITY

  2. NAVIG8 • Navig8 is a Marine Cargo & inland transit insurance facility specifically designed for the marine market. • Our current facility principle is Astra Maritime Underwriting Managers (Pty) Ltd who over the last five years are seen as the most stable and experienced Underwriting team in the market at this present time. • In turn Astra’s principle and partner is The Hollard. This South African Insurance Company has total assets in excess of R5 Billion. • The facility premiums are based on fair underwriting of each risk insured, the objective being continuity on a sustainable basis. • The cover under the Navig8 facility is one of the most comprehensive marine policies obtainable in the market.

  3. LIMITS OF LIABILITY/SUMS INSURED • R20 000 000 ANY ONE VESSEL, AIRCRAFT OR CONVEYANCE • R40 000 000 ANY ONE LOCATION • R3 000 000 ANY ONE EXHIBITION • R5 000 000 ANY ONE INTERMEDIATE STORAGE • PLUS ADDITIONAL SUMS INSURED – ANCILLARY EXTENSIONS

  4. GEOGRAPHICAL LIMITS WORDWIDE EXCLUDING SHIPMENTS/SENDING TO AND FROM: • ANGOLA • BURUNDI • THE DEMOCRATIC REPUBLIC OF CONGO • COUNTRIES UNDER UNITED NATIONS SANCTIONS

  5. SUBJECT MATTER ALL GOODS AND/OR MERCHANDISE FOR WHICH THE ASSURED IS RESPONSIBLE INCLUDING: • ALL NEW AND SECOND-HAND PACKING MATERIAL, LABELS AND THE LIKE • EXCLUDING: • JEWELLERY, WATCHES, PRECIOUS STONES, FURS, BANK AND/OR TREASURY NOTES, BULLION, MONEY, SECURITIES, STAMPS, PATTERNS OR MANUSCRIPTS, ANTIQUES, EXPLOSIVES AND ALL LIVESTOCK

  6. STANDARD CONDITIONS VOYAGES AUTOMATICALLY INCLUDES: • IN CUSTOMS AND TRANSHIPMENT CUSTOMARY OR OTHERWISE • LOADING OR UNLOADING • EXHIBITIONS WHERE REQUIRED • TRAVELLER’S SAMPLES WHERE REQUIRED

  7. GENERAL CONDITIONS AND EXTENSIONS WIDER THAN THE MARKET “NORM”: • RECONDITIONS AND/OR REFURBISHED CARGO/MACHINERY AS “NEW” • INCLUDES “REPAIRERS CLAUSE” WHICH MAKES PROVISION FOR LOSS OF MANUFACTURERS WARRENTY • HEATING, SWEATING AND CONDENSATION FOR CONTAINERISED CARGO • ALLOCATION AND DISTRIBUTION • CONCEALED DAMAGE • AIRFREIGHT REPLACEMENT – LIMITED TO 20% • DEBRIS REMOVAL - MAXIMUM 10% OF LIMIT

  8. CONTINUED • CIF/CIP CLAUSE – 50% OF THE GENERAL CARGO RATE • EX WORKS CLAUSE – IMPORTS • SELLERS INTEREST – EXPORTS • SOUTH AMERICAN EXTENSION CLAUSE • UNEXPLAINED LOSS FROM CONTAINERS • WAIVER OF RECOURSE AGAINST CHARTERERS • WILFUL MISCONDUCT • LETTERS OF CREDIT CLAUSE • INDEMNITY CLAUSE

  9. CLAIMS • SHORTLANDED CARGO • PAYMENT ON ACCOUNT • CLAIM PREPARATION COSTS – SUBJECT TO NEGOTIATION • NAVIG8 CLAIMS SETTLED BY NAVIG8 UP TOA LIMIT OF R500 000 ANY ONE LOSS • APPOINTS AGREED SURVEYOR AND RECEIVESALL SURVEY REPORTS • RECOVERIES ARE PERSUED BY A MARINE ATTORNEY

  10. ‘NAPOLI” CAN YOUR CLIENTS AFFORD NOT TO INSURE THEIR CARGO?

  11. "Repubblica Du Genova" THIS COULD HAPPEN TO ANY CLIENT’S CARGO!

  12. IS YOUR CLIENT AWARE OF THE FACT THAT: METHOD OF PACKING The onus rests entirely with the client/shipper to take the reasonable measures to avert and minimize losses by employing the correct packing methodology . CONTAINERS: A container cannot be a substitute for packing.

  13. COVER COMPARISION All Risks of physical loss of or damage to cargo only e.g. Contamination, Deliberate damage, Piracy, Heavy Weather, Breakage, Theft, Pilferage and non-delivery, Leakage, General Average A Fire or explosion, Vessel stranded, grounded, sunk or capsized, Overturning or derailment, collision, Discharge at port of distress, Earthquake or Volcanic eruption, or lightning, Total loss of package during loading/unloading, Entry of sea/lake/river water, Washing overboard, General Average, Jettison or washing overboard B Fire or explosion, Vessel stranded, grounded, sunk or capsized, Collision of vessel or conveyance, Discharge at a port of distress, General Average, Jettison C

  14. EXCLUSIONS Some of the exclusions your client should be made fully aware of:  Ordinary leakage, loss in weight or wear and tear  Insufficiency/unsuitability of packing or preparation of cargo  Inherent vice  Delay  Insolvency of ship owners, managers, charterers  Unseaworthiness of vessel or craft

  15. MARINE CLAIMS The Basic Rules that apply to any claim are: • It is the duty of the Assured and their servants/agents to: * To take reasonable measures to avert or minimising any loss * All rights of recourse against carriers, bailees or third parties are properly preserved and exercised

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