Water Transport Insurance
JSC “Insurance company “Kazkommertz-Policy” insures water transport (sea, river), operated by Insured and acting on the basis of:
1. right of ownership;
2. operational management right;
3. rent, hire contract;
4. other legitimate foundations.
Object of insurance is not contradicting to the legislation of the Republic of Kazakhstan property interests of Insured, concerned with the ownership, use and/or disposal of water transport, including equipment, rigging, interior decoration, power-plants and machinery, all mechanisms and devices, included in vessel equipment.
Insured accident is loss (casualty) or damage of water transport resulted from following events outcome:
1) flood, hurricane, tornado, storm, stroke of lightening;
2) touch to the ground, stranding;
3) sink, capsize;
4) accident unforeseen collision with other vessel or any immobile or floating object, including ice;
5) collision with equipment, harbour or dock structures;
6) looting, robbery, piracy;
7) third party’s illegal acts;
8) water vessel’s theft or missing;
9) accident damage during cargo lading, discharge or falling on the board of water transport;
10) earthquake, volcanic explosion;
11) collapses, slides, land settlement, steeling;
12) falling of aircrafts or aircrafts’ fragments and objects;
13) in deliberate release of any property overboard which is the part of transport’s equipment in hours of danger in order to decrease possible loss.
Insurance agreement may cover one of the following options:.
1. “Destruction and damage of water transport”
2. “Damage of water transport”
3. “Total loss of water transport”.
Sum insured is set in amount of actual (market) cost of water transport at the effective date of insurance agreement conclusion, that is defined on the basis of documents or by mutual consent of the parties.
Annual insurance rate is from 0,5% to 6% of sum insured. Raising and decreasing rates are applied.
Insurance premium payment can be paid by cash or bank transfer, lumpsum or by installments.
Size of a real damage is defined:
1. In the event of water transport damage – in amount of restoration cost (the cost of repair works added to the cost of spare parts, details, accessories less cost of remnants ready for further use). Estimation also includes cost of damaged vessel transportation to the place of repair;
2. In the event of loss, destruction of water transport – in amount of sum insured with an allowance to previous payments, less depreciated cost of details, accessories, ready for further use and utilization;
3. In the event of vessel missing - in amount of sum insured with an allowance to previous payments.
