Special insurances
ServicesSpecial insurances

These insurances include ship, airplane, money and credit and … insurance.

Ship insurance:

Different insurance which can be provided to ship owners:

1- Ship / vessels body and equipment insurance .

2- Liability insurance of vessels.

1- This type of insurance is provide as per the clauses designed by London institute, which is completely standard and various and each has a specific coverage.

1- Clause 280 (time) all risk:

The main risks include:

- Risks caused by storm and sea accidents

- Fire and blast

- Throwing the cargo for saving the ship and other goods (jettison)

- Loss caused to the ship resulting from collision with waterfront or port installations.

- Loss caused by fuelling, loading and uploading.

- Loss caused by shaft break or boilers bursting

- Losses caused by captains, crew or guide mistake

- Three fourth of the losses caused by collision can be covered and compensated as well (in case that in the collision of the ship with another ship , the insured ship will be of fault , in addition to the damages occurred to the ship under insurance, three fourth of the damage and loss caused to the other ship will also be compensated).

- Mass loss

- Rescuing expenses

2- Clause 248 (time) total loss + three fourth of collision liability and mass loss and saving expenses:

This clause covers the total loss of vessels that means that if a ship will drawn due to one of the covered risks or will be ruined , it is compensable but partial loss is not covered by this clause.

3- Clause 289 (time) total loss + saving expenses

This clause also covers total loss or total ruin o the vessel.

4- Clause 346 (time) total risk:

It is one of the most complete clauses that covers all the losses including total and partial and is specific to fishing vessels.

5- Clause 281 (war risk):

This clause is related to risk of war which can be provided in the form of extra risks.

B) Coverage of vessels liability

In addition to risks which threaten the body and equipments of the vessels, the owner of these vessels due to their type of activities are as well responsible for keeping the workers and their things and the cargo safe. Now considering the fact that the above mentioned clauses doesn’t cover the liabilities of the owners at all or very limited , hence for preventing the owner from loss and damage some clubs famous to P & I have been established which cover their liabilities.

Airplane insurance

Various types of air insurance related to passenger and cargo airplanes , helicopters and different light and extra light flying devices can be divided as per the following and the insured entities can purchase all of them in the form of one insurance:

1- Compulsory insurances (legal):

Compulsory insurances for each airplane in Iran as per ICAO includes:

A) Legal liability of airline companies toward crews and passengers:

Based on this insurance, the insurer covers the legal liability of the insured airline regarding any human and financial loss and damage caused from accident occurred to passengers and crew while they are on the plane and when they are coming out of it. It should be mentioned that at the time of preparation of the insurance the agreement of 1929 Warsaw Convention and the Hague Protocol of 1955 and Islamic blood money should be considered carefully. Also, the insured entity , in case of insurer agreement and also the approval of ICAO, can obtain a cheaper insurance coverage for its flying vehicles and extra light personal jets for passenger liability which only covers the loss cause to the passengers which only compensated death or permanent maim  of the passengers which is known as passenger accident insurance.

B) Airlines liability insurance toward third person:

If due to crash or collision of the airplane, third persons (except the passengers) will be caused with loss , the insurer with consideration of the insurance conditions and based on the verdict of the relevant authorities should compensate the human and financial loss and damages in the limit of the insurance.

2- Airplane body insurance

In this type of insurance, the insurer base on the terms of the insurance agreement will compensate all the partial and total loss and damages , repair the airplane or replace it.

Money insurance including money in fund and in flow:

Fund money insurance

Lack of existence of cash or financial documents which can be turned into money including travelers check, bank checks, securities which are the subject of this insurance, can be ruined by accidents such as fire, lightening, blast, flood, earthquake, storm, theft, break in , collision of the vehicle carrying the owner of these papers and therefore they can be insured.

The applicants of these insurance can be all companies, manufacturing factories, credit institutions, banks, chain supermarkets , travel agencies and … who are all facing the issue of cash flow and safe keeping of them and therefore each of them can use this type of insurance.

Money (cash) in flow insurance

In this type of insurance, all the cash which can be at risk of fire, blast, lightening or theft can be covered.

Credit insurance

Credit insurances, based on this plan covers all Bank loans and receivables of those companies which sell their products in instalments.

All the banks and credit institutions and companies who do their sales in credit can use this type of insurance for assurance of their receivables and their investments.