The Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017, also known as the Admiralty Act 2017, came into force in India on the 1st of April 2018. Who forms the basis of Admiralty law? The Admiralty Court Act, of 1840 The Admiralty Court Act, of 1861 The Colonial Courts of Admiralty Act, 1890. The […]
What is an Air Freight or Air Cargo Insurance?
Air freight is the term for when there is a shipment of goods or cargo via an air carrier. For this reason, air cargo is another common term for air freight. It is very important as it enables the transport of express shipments across the world. Often the transport of cargo across the globe takes […]
What Is Contingent Cargo Insurance?
Increased globalisation over the last few decades has made the world a smaller place. Today, there is a regular export of goods made in India to countries across the world and vice versa. With global online marketplaces, the import of foreign-made is the norm. Such import-export is only possible today because of the shipping industry. […]
Cargo Vs. Freight Insurance: What’s The Difference?
The terms ‘freight’ and ‘cargo’ are used interchangeably quite often. Therefore, it comes as no surprise that some customers are confused about cargo insurance and freight insurance and the difference between the two. Both these plans are devised to cover the goods that are being transported in that particular event from damage or loss. Also, […]
What Is International Cargo Insurance & why should you consider buying it?
International trade involves sending goods overseas via rail, road, sea, or air. Today, international trade is the norm with globalisation and online shopping. However, the transport of goods over great distances invites great risk. Hence, international cargo insurance is the best way for businesses to protect their investment. What risks do businesses face when shipping […]
What is the Marine Insurance Act of 1963?
One of the most crucial components of international commerce and trade is marine insurance. The transport of goods over water is especially dangerous as there are many dangers, from natural hazards and weather-related issues to cross-border issues and even piracy. Hence, at every stage of operations, marine insurance is a necessity and is subject to […]
What is the Blanket Policy in Marine Insurance?
Marine insurance provides coverage for losses and damage to ships, cargo, cargo vessels, and other types of transport wherein you transport goods from the point of origin to a final destination. Considering the various dangers and calamities that can occur at sea, both natural and man-made, marine insurance is one of the most popular types […]
Benefits of time marine insurance policy
Marine insurance is arguably one of the oldest types of insurance in the world. There is even evidence of marine insurance dating back as far as 1792–1750 BC of the First Babylonian Empire. The dangers and perils of sea transport are a well-known and established fact, which has made marine insurance a requirement for centuries. […]
What is Freight Insurance? Know about it’s features and benefits
A freight insurance policy insures the total or partial value of the cargo. The insurance is provided by a third–party company. The policy would be exclusive to the specific freight shipment and shipper. The structure of freight insurance is similar to that of a general insurance policy. Why do shippers need Freight Insurance? The purchase […]
Explain Sales Turnover Policy and its various advantages
Sales turnover policy (STOP) is a highly evolved marine insurance cover. Thus, it is suitable for industries where multiple internal transits are required for producing/manufacturing of the final product for sale. Instead of covering a particular type of transit, this policy covers all internal transits including : 1. Domestic purchase of raw materials and consumables […]