Fidelity United Marine Insurance

Marine insurance is becoming increasingly important as it provides coverage against the loss of ships, cargo, and other maritime property. 

Fidelity United is a renowned provider of marine insurance, with the company being known for its long history and commitment to quality service. Established in 1976, it has evolved through a partnership between United Insurance Company and Fidelity Assurance and Reinsurance SARL. 

 

What is Fidelity United Marine Insurance?

Marine insurance from Fidelity United mitigates the risks associated with maritime operations, including the loss or damage of ships, cargo, terminals, and the transportation of property between origin and destination points. 

Fidelity United Insurance offers a variety of marine insurance policies that provide comprehensive coverage for maritime-related risks. Its insurance products are structured to support the needs of both individual and corporate clients-

1. Hull Insurance: This insurance covers the vessel itself, protecting against damages to the ship's structure. 

Just like auto insurance for vehicles, hull insurance caters specifically to water-faring vehicles and includes coverage for the main body of the ship and any fixtures attached as functional parts. It typically protects against perils such as hull destruction, machinery damage, and other related losses.

2. Cargo Insurance: Serving as a sub-branch of marine insurance, cargo insurance covers the goods transported by the vessel. It ensures that the goods are financially covered against risks of loss or damage during transit, regardless of the mode of transport used. 

This type of insurance is crucial for businesses involved in the shipping of goods and offers various coverage options like Single Transit Cargo Policy, Open Cargo Policy, and others tailored to specific needs.

3. Freight Insurance: This covers the sum paid for the transportation of goods or the hire of the ship. It also provides financial protection against losses related to freight costs.

4. Liability Insurance: Also known as Marine Liability or Marine Casualty, this insurance covers the ship owner’s liability towards third parties. 

It includes coverage for damages or losses caused by the insured vessels to other ships, boats, and property as well as injuries to ship workers and other third-party claims.

Note: Besides these core areas, Fidelity United Insurance also offers specialised insurance for pleasure crafts such as yachts, motorboats, and jet skis. With pleasure craft insurance, you can get indemnity and liability coverage.

 

Top Features of Fidelity United Marine Insurance

With Fidelity United's marine insurance, you get comprehensive and accessible coverage for maritime operations. 

Here's a breakdown of the top features highlighted by Fidelity United-

1. Round-the-Clock Assistance: Understanding the unpredictable nature of marine activities, Fidelity United offers a 24/7 helpline service. This helps you, as a policyholder, access support at any time of the day, from anywhere in the world. 

Notably, the multilingual aspect of the service guarantees that assistance is provided in several languages, which caters to a global clientele and facilitates more effective communication.

2. Cost-Effectiveness: The pricing strategy for Fidelity United marine insurance is designed to be budget-friendly while maintaining high-quality service standards. This assists businesses and individuals in accessing essential marine insurance coverage without financial strain.

3. Professional Risk Management: The professional approach of the company towards risk assessment and management allows it to provide tailored solutions to meet the specific needs of its clients. 

4. Expert Team: Fidelity United Insurance has a dedicated team of experts tasked with risk assessment and management. This team evaluates various factors affecting marine operations and offers insights and recommendations to minimise risks. 

Read: Fidelity United Liability Insurance- Features, Benefits

 

Inclusions of Fidelity United Marine Insurance

Let's dive into the specifics of Marine Cargo Insurance and Marine Hull Insurance to understand the inclusions and protections that you can get-

Marine Cargo Insurance

Marine Cargo Insurance is designed to safeguard goods in transit. It addresses the complexities and risks involved in the global and domestic transportation of merchandise. 

Key Coverages:

1. Single Transit Cargo Policy: This coverage is ideal for businesses that don’t frequently ship goods. It covers individual shipments from the point of departure to the final destination, financially protecting against risks like loss, damage, or theft during transit.
2. Open Cargo Policy: Suited for businesses with regular shipments, this policy offers continuous coverage for all transports within a specified period. With this policy, you can get consistent protection without being required to take out a new policy for each shipment.
3. Project Cargos: This coverage is tailored for large, unique shipments generally associated with infrastructure projects. It caters to the specific risks and requirements of transporting large-scale goods or equipment.
4. Stock Throughputs (STP): This comprehensive policy covers goods from the point of production through storage and transit to the final delivery. It's particularly beneficial if your company handles large volumes of goods stored at multiple locations.
5. Haulier’s Liability: It covers the legal liabilities of transport operators for loss or damage to the cargo while in their custody.
6. Freight Forwarders Liability: This insures freight forwarders against liabilities arising from potential errors, omissions, or acts that could lead to loss or damage of cargo under their responsibility.

Marine Hull Insurance

Marine Hull Insurance focuses on the vessel itself, providing coverage for damages or loss to the ship's body. As we saw earlier, this type of Fidelity insurance policy is similar to auto insurance but specifically designed for maritime vessels.

Key Coverages:

1. Hull and Machinery: This fundamental coverage protects against physical damage to the ship and its essential machinery. 
2. Protection and Indemnity (P&I): This liability coverage financially protects the ship owner against third-party liabilities such as damage to other ships, cargo, or environmental damage.
3. Charterer’s Liability Insurance: This coverage is crucial for entities chartering a vessel, financially protecting against legal and contractual liabilities.
4. Crew Personnel Accident (PA) Cover: It provides compensation for injuries, disabilities, or death of crew members, and provides financial support to the crew and their families.
5. Hull and Machinery- War & Strikes Risks: This offers financial protection against acts of war, strikes, and related perils that could damage the vessel.
6. Ship Repairer’s Liability: It covers liabilities faced by those involved in the repair or alteration of a ship, concerning damages to the vessel under their care.
7. Port Authorities and Terminal Operators: This provides coverage for liabilities and risks faced by operators of ports and terminals.

Marine Hull- Pleasure Craft

This insurance is specific to recreational marine vehicles like yachts, motorboats, and jet skis. You can get it to cover a range of aspects such as damage to the vessel, liability for bodily injuries, and property damage to third parties.

 

Requirements for Fidelity United Marine Insurance

To apply for Fidelity United Marine Insurance, you must provide comprehensive information for accurate coverage and premium calculations. 

The requirements for obtaining this insurance typically include the following details-

• The name and address of the individual or company seeking insurance
• Comprehensive details of the goods being transported, including the type, quantity, and description
• The manner in which the goods are packed (such as pallets, cartons, bales, bags, bundles, and so on) 
• Information regarding the mode of transportation used (e.g., containerised or non-containerised shipping, on-deck, break bulk, bulk, airfreight, land conveyance, or air parcel post) 
• The declared value of the goods being transported 
• Specific details about the journey, including the start and end points. This should cover whether the goods are being transported locally or internationally and include all the locations involved in the transit.
• Indicate whether there will be any transshipment (transfer of goods from one conveyance to another) during the journey

Read: Fidelity United Engineering Insurance- Features, Benefits

 

Claim Process of Fidelity United Marine Insurance

If you need to file a marine insurance claim with Fidelity United Insurance Company, you must follow a structured process for a swift and efficient resolution. 

Follow these steps to initiate a claim-

1. Immediate Notification: As soon as a loss or damage occurs, it is crucial to inform Fidelity United without delay. This early notification is essential for a timely claims process.
2. Guidance from the Claims Team: Fidelity United assigns a dedicated and professionally qualified claims team to guide you through the entire process. 
3. Documentation and Evidence: Be prepared to provide comprehensive documentation regarding the claim. This may include details of the insured items, proof of loss or damage, and any other relevant information. 
4. Survey and Loss Assessment: Fidelity United may involve professional independent surveyors and loss adjusters- both internationally and locally — for a detailed investigation and assessment of the claim. 
5. Claim Processing: Once all necessary information and documentation are submitted, the claims team will process your claim. 

Benefits of Buying Marine Insurance via Policybazaar UAE

You can easily apply for Fidelity marine insurance through Policybazaar UAE, a leading online insurance marketplace. 

Policybazaar.ae offers a platform to compare and choose from various insurance products, providing a streamlined process for customers.

Key benefits of applying for marine insurance via Policybazaar UAE include-

1. Comparison of Different Policies: Access to a wide range of insurance options from different providers- you can compare their features and prices in one place!
2. Convenient Application Process: Streamlined online application and documentation process
3. Expert Advice and Support: Access to expert advice to help you choose the right policy as per your needs
4. Cost-Effective Solutions: Opportunities to find the most cost-effective insurance solutions tailored to your requirements
5. Customer Support: Reliable customer support for assistance during the purchase process and in the event of a claim

Frequently Asked Questions