Water Transport Insurance

The object insured is the proprietary interests of the Insured compliant with the laws of the Republic of Kazakhstan as related to possession, use and disposal of the vessel.

Insurance covers risks of Insured’s damage due to an unforeseen (accidental) event resulting from a loss / total loss, missing of or damage to vessel.

Insured Events include missing of, damage to or loss/ total loss of a vessel as a result of the following:

• traffic accident;
• fire, explosion;
• natural disasters;  
• malicious acts of third parties, such as arson and property damage

Also, the following may be insured:

• Insured’s third party liability at vessel operation
• Accident to the Insured or any other person specified in the Insurance Agreement as a result of a traffic accident
• Accident to the passengers who were aboard the vessel at the moment of a traffic accident

The risks shall be insured for both individually selected operations, for instance, while taxiing or parking, and combinations of same.

Deductible means a portion of expenses paid by the Insured to cover the losses,which implies thatthe Insurer shall not be liable to indemnify for any losses not exceeding a specified amount.

Any indemnity shall be provided within fifteen (15) calendar days from the Indemnity Claim Statement date.

Territorial Scope means the territorial scope covered by the Insurance Agreement and is established by a mutual agreement of the parties.

Jurisdiction of Insurance Agreement is the Republic of Kazakhstan.

Insurance premium with respect to each object of insurance is determined on a case-by-case basis depending on exposure to risk.