Marine Cargo Insurance

Ensure that your goods are fully protected while in transit with our flexible insurance solutions.

Marine Cargo Insurance

Alawwal Insurance, underwritten by Wataniya Insurance Company, offers two Marine Cargo Insurance options to protect your goods when on the move.

Marine Insurance Open Policy

Protection for a specific period (usually one year), with an initial premium based on the estimated total value of the shipments/dispatches to be made during the year (at the end of policy term an adjustment is made following calculation of the actual value). This policy runs until cancelled by either party, and certificates are issued for individual shipments/dispatches.

Marine Insurance Specific Policy

The Marine Specific policy insures cargo for the duration of a specific voyage.

Frequently Asked Questions

Checking your Marine Policy Documentation

Make sure your policy suits your needs by checking the following terms:

Goods Insured

Check that all goods being transported are included. The marine cargo insurance policy will only cover the goods listed in the policy.

Packing

Standard customary packing should be strong, stable and suitable both for the nature of the goods and the journey. This includes considerations such as: port conditions; handling onboard and at the origin/destination; duration of travel; season; and all other aspects of the transit.

Conveyance

The marine cargo policy only covers the modes of transport mentioned in the policy. Any loss whilst using an unlisted mode of transport will not be covered. The mode of transport should be suitable for the goods being transported.

Voyage

We advise you to check that the destinations included in the voyage are suitable; shipments to or from places not included in the policy will not be covered.

Single Carrying Limit

Also called a “limit per bottom” or “sending limit,” this is the maximum sum insured of any one consignment or shipment. Any value above this limit will not be covered by the marine cargo insurance policy unless it is declared to the insurer and corresponding amendments are made to the policy.

Location Limit

The location limit is the maximum value of all your shipments held at any one place at any one time, for example en route storage, carriers' or other godowns, at the port awaiting shipment and in similar locations.

Basis of valuation

Marine insurance policies are for an agreed value. Methods for calculating the value of a consignment or shipment include: FOB value + 10%; invoice value; invoice value + 10%; C&F value; and CIF value + 10%. As per standard industry practice, an additional 10% on the value of goods is generally added to cover potential incidental expenses incurred by the supplier/exporter. These may include duties, port handling charges, cost of transportation from port to the final warehouse, etc. The declared value of a consignment or shipment should not exceed the “Single Carrying Limit” or the “Basis of Valuation.”

Declarations

All shipments should be declared on a regular basis and within the applicable time limit. Up-to-date declarations help you keep track of your premium and “sum insured” at all times.

Terms and conditions

It is important to read the terms and conditions carefully to determine your cover, as well as any applicable excess, exclusions, warranties, etc.

Contact Us

For more information, please email us at: insurance@alawwalbank.com

Call one of our regional offices
and we'd be happy to help you.
Central Region – Riyadh

Central Region – Riyadh

Phone: +966 (0)11 4067888 Ext.: 1838
Western Region – Jeddah

Western Region – Jeddah

Phone: +966 (0)11 4067888 Ext.: 1448

Eastern Region – AlKhobar

Eastern Region – AlKhobar

Phone: +966 (0)13 8957444 Ext.: 3416

Quick tip

Compatibility Notification

Your browser is out of date. Please upgrade to a newer browser (latest version of Chrome, Firefox or Internet Explorer 11) to view this site.

Alawwal Bank