AIG Marine Insurance

What is AIG Marine Insurance?

AIG marine insurance in the UAE offers financial protection to businesses exposed to uncertainties in maritime operations. It covers cargo, vessels, and marine-related interests against loss or damage that may occur during transportation or marine operations.

Marine operations face high-stakes risks from mechanical failure to collisions that can disrupt trade and operations in seconds. With this business insurance policy, however, you can easily safeguard your business — whether you’re an importer, exporter, manufacturer, boat and yacht owner, or someone running a freight and logistics company.

Here are the salient features and benefits of an AIG marine policy -

• Protection against financial loss
• Comprehensive coverage for cargo, vessels, and liabilities
• Tailored policies that meet the needs of different businesses
• Expert assistance in implementing loss prevention techniques

Types of AIG Marine Insurance in UAE

AIG marine insurance is classified into three categories. Find below the key details of the policies below -

Marine Cargo Insurance

This AIG marine cargo insurance policy provides global coverage for goods in transit by sea, air, road, or rail. With this plan, your business gets comprehensive coverage along with extension options — project cargo and delay in start-up, stock throughput, exhibitions, and so on.

Inland Marine Insurance

The comprehensive AIG marine coverage, it financially protects goods, equipment, and machinery used in transportation, construction, and logistics. Getting this policy means support of underwriting experts, dedicated in-house claims assistance, and proficient guidance to help prevent losses before they happen.

Marine Liability Insurance

Marine liability insurance protects marine businesses in the UAE against third-party property damage, bodily injury, and operational liabilities. This policy is ideal for ports, terminals, ship repairers, and marine contractors.

The perks of this plan include flexible coverage supported by global expertise, local support, and specialised protection for complex marine operations.

What Does AIG Marine Cargo Insurance Cover in UAE?

With AIG marine insurance in the UAE, you can secure comprehensive protection for maritime operations. Check out the key coverage features under this policy below -

• Physical damage or loss of cargo
• Loss or damage to goods during transit
• Theft or pilferage during transit
• Collisions or accidental damage
• Third-party loss and damage

Optional Covers

• Stock throughput
• Exhibitions
• Own equipment (like tools)
• Project cargo coverage, including delay in start-up
• Consequential loss
• Errors and omissions

💡 AIG Insurance Company allows maritime businesses to get customised coverage based on Incoterms, shipment value, and route.

What is Not Covered Under AIG Marine Insurance in UAE?

Here are the common exclusions under AIG marine insurance in UAE -

• Improper or insufficient packaging
• Loss caused by willful misconduct
• Delay in transit (unless specifically covered)
• Wear and tear or inherent vice of goods
• War, strikes, riots, or terrorism (unless added as extensions)

It’s important to understand these exclusions. You can avoid claim disputes or select appropriate add-ons (if required) for specific scenarios.

Why Choose AIG for Marine Insurance in UAE?

AIG is one of the leading marine insurance providers in the UAE. Its operations span over 70 countries worldwide. It supports businesses of all sizes with a wide range of specialised insurance solutions. Whether you run a small marine operation or a large maritime company, choosing AIG marine insurance is a wise decision due to the following reasons -

Comprehensive Coverage

AIG offers comprehensive marine liability coverage tailored to your business. It covers third-party damage, owned property loss, bodily injury, and specialised exposures. 

World-Class Risk Control and Loss Prevention

Along with comprehensive marine coverage, you can get the assistance of the AIG loss control engineering teams that include experienced maritime professionals. They can help you identify and mitigate risks proactively, reducing exposure and safeguarding your operations.

Customised Marine Insurance

A key aspect of AIG marine coverage is that you can easily modify it as per your business. So whether your business revolves around ports, terminals, shipyards, or contractors, you can easily find the right plan.

Strong Claims Support

AIG is known for quick claims worldwide — the same extends to the UAE. It has dedicated claim professionals who ensure a seamless claim experience. This way, you can benefit from fast, fair settlements that help maintain business continuity and protect your reputation.

How to File an AIG Marine Insurance Claim in UAE?

AIG offers expert marine insurance claims support in UAE through VBA (Value Based Adjusting) and STP (Straight Through Payment) methods. Here are the key steps for filing a claim -

Immediately Notify AIG

Contact AIG or your insurance support executive immediately after the marine incident occurs. You can notify them via phone or email. Provide a quick summary of what happened, when it happened, your policy details, and any other requested details.

Receive Your Claim Acknowledgement

Once AIG receives your initial notification, it will provide you with a unique claim reference number. You’ll also get the details of the documents you need to provide next. This acknowledgement confirms that AIG has started the processing of your claim.

Prepare and Submit Required Documents

Submit the documents AIG requests to support your claim. Typical paperwork for an AIG marine insurance claim includes -

• A completed marine claim form
• Transportation documentation
• Survey reports
• Invoices or proof of value
• Photos or evidence of loss or damage

Claim Investigation and Assessment

AIG’s claims team carefully reviews your submission. If required, they may appoint a marine surveyor or loss adjuster to assess the loss. Additional documents or information may be requested to confirm coverage under policy terms and ensure accurate valuation.

Claim Settlement

Once your claim is reviewed and approved, you may receive the settlement amount (as per the policy’s limit) by bank transfer or cheque.

💡Tips for a Smooth Claim Experience with AIG 

• Report marine incidents promptly
• Provide clear and complete documentation
• Respond quickly if AIG requests additional information

The Bottom Line 

AIG marine insurance in UAE provides comprehensive protection to cargo owners, traders, and vessel operators facing complex marine risks. The insurance company offers flexible coverage, global expertise, and excellent claims support to safeguard your operations, finances, and peace of mind.

You can visit Policybazaar.ae for tailor-made marine insurance plans in the UAE. It’s an online platform that lets you compare multiple plans with the support of insurance experts.

AIG Marine Insurance- FAQs