Though goods and cargo shipped via land, air or sea are generally reliable, packages still get lost and damaged. Thus, this insurance is required to protect against loss, damage or theft during transportation. But, what is the meaning of shipping insurance and what does it cover? You’ll find all these answers in this blog post. […]
What is Barratry in Marine Insurance, Maritime Law & Regulations Governing It
Barratry is the legal term describing severe or willful misconduct by the captain or crew of the ship that would include loss or damage to the ship or cargo. Marine insurance plays a crucial role in protecting you against the risk of damage or loss to the cargo or ships by which the goods are transferred, […]
What is Warehouse-to-Warehouse Insurance?
When you are involved in the business of exporting or importing goods from multiple countries. You know the financial implications of losing the cargo in transit due to any reason whatsoever. In the worst-case scenario, loss of goods because of theft, an overturning of the cargo vessel, etc. can even lead a company to dissolution, […]
What is an inherent vice exclusion in transit insurance?
With the rising globalisation, businesses are selling their goods on both domestic and international markets. Business expansion increases transit risks. In cross-border or long-distance transport, potential goods damage threat rises, causing financial losses. Availing transit insurance becomes extremely essential for businesses involved in goods transportation. Understanding coverage scope, exclusions, terms, and conditions is vital when […]
The Specific Cyber-Security Risks Present in Modern Marine Insurance and Protection Against Them
Today the marine industry sector is progressively susceptible to digitalization, operational integration and automation. Given that approximately 90% of the traded goods are transported by the international shipping industry, the safety of shipping vessels is critical to the global economy. In this digital era, the increased importance of IT infrastructure and electronics leads to the […]
How to keep the premium of Inland cargo insurance low?
Deciding on a marine insurance coverage suitable for the business is not an easy task. Specifically, for businesses that operate in the shipping industry and involves the transportation of goods, it is important to have the right and comprehensive marine insurance coverage to safeguard themselves from the financial losses that they may suffer due to […]
Types of Insurance Oil Companies must take for offshore assets.
The oil and gas industry is highly diverse, with numerous subsets requiring specialised insurance coverage. As a result, insurance for oil and gas professionals and businesses can be complex. In addition to standard policies that most businesses use for protection, oil and gas companies require tailored insurance policies to cover specific equipment and services. These […]
Difference Between Marine Insurance and Shipping Insurance
Transporting an object from one place to another always carries a degree of risk. Before accepting this responsibility, it is important to carefully consider the end-to-end delivery process and the parties involved. Financial protection is an utmost necessity for businesses involved in the trade and shipping industry by availing insurance coverage suitable for the business, […]
What are the advantages of freight forwarders’ Insurance over shipping agents’ Insurance?
The delivery of cargo is a complex process that involves thousands of ships, planes, trucks, and trains, moving goods from one location to another. To move cargo from one location to another, companies rely on freight forwarders. Freight forwarder meaning an agency that ships or receives goods on behalf of other individuals or companies for […]
How do you differentiate between express and implied warranty under marine insurance?
A warranty in an insurance policy is a statement of the promise made by the insured to either perform or abstain from certain actions during the policy’s duration. The policyholder affirms or denies specific facts related to the policy. There are two types of Warranties in marine insurance: Express and Implied warranties. This article lets […]