India’s economic growth is being significantly driven by digitalisation and technological advancements across all sectors, including insurance. Marine insurance—one of the oldest forms of insurance—is also transforming customer behaviour, preferences, and demands. With Indian businesses increasingly expanding their global footprint, marine insurance has become more essential than ever. The insurance industry in India is evolving […]
What are the At and From clauses in transit or marine insurance?
Insurance ‘At’ and ‘From’ clauses are special terms used to refer to certain spots or locations in transit insurance or marine insurance policies. A From clause, such as “from Antwerp to London,” indicates that the voyage will depart from any port between two specified ports, while an At clause designates a specific port as the […]
What is the Pair and Set Clause in marine insurance?
The Pair and Set Clause in Marine Insurance Pair & Set Clause is a non-institute Cargo Clause under a Marine Cargo Policy. Underwriters usually use this clause while underwriting a cargo policy with the objective to limit their liability. The clause states that if a loss involves only part of any pair, set, or parts, […]
Importance of ESG assessment framework in marine insurance
Importance- ESG assessment framework Marine Insurance Today, responsible corporate governance and sustainable investing depend on the evaluation of ESG (Environmental, Social, and Governance) factors. This kind of analysis determines an organisation’s risk profile and assesses its social and environmental effects on society. The goal is to find potential improvement areas to lower long-term business risks. […]
Principles of Ratemaking in Marine Cargo Insurance
Marine insurance policy grants protection against the loss or damage of cargo, ships and terminals between the point of origin and to destination. Individual insurance accounts are important for setting marine insurance rates. The underwriter’s judgment and personal evaluation are very important in setting these rates. There are various factors that influence the risks. Here […]
How is CIF (Cost Insurance Freight) beneficial to the seller?
International shipping involves huge risks such as natural disasters, cargo loss, piracy, human error, etc. It is crucial for shipping businesses to avail of good marine insurance to safeguard their shipment financially against such named and unnamed perils in the shipping process. There are many export incoterms used as per the rules of the International Chamber […]
Navigating International Freight Cargo Insurance: Key Considerations and Tips
The shipping industry is exposed to numerous types of risks that can put a business in financial distress. Transporting goods from one place to another involves various potential risks during transit such as accidents, theft, damage, mishandling of cargo natural calamities, etc. Losses can have huge financial consequences. Thus, it is crucial for businesses in […]
How multi-mode Transportation Impacts Marine Insurance Premiums
Multi-modal transport operators have emerged strongly in the shipping and transportation business in the last few years. They play a crucial role in providing comprehensive and cost-efficient transportation solutions by leveraging the various modes of transport. They offer a range of services that include customs clearance, freight forwarding, distribution, and warehousing facilities. However, it is […]
Emerging Trends in Logistic Insurance for Household Goods What’s New?
Relocating brings challenges along with new opportunities. Shifting and transporting household goods is one of the initial and major challenges one faces. Along with choosing the right logistics company, opting for the best logistics insurance to safeguard your valuable household items is also extremely important. Household goods may include appliances, furniture, tools, dishes electronic equipment, […]
What do you mean by Contingent Cargo Insurance?
Contingent cargo insurance is a specialised type of insurance that protects shippers and logistics companies from financial losses due to unforeseen events during cargo transportation. Addressing exclusions and limitations enhances conventional cargo insurance and guarantees thorough risk management. What is Contingent Cargo Insurance? Cargo insurance meaning covers losses or damages to cargo not insured by […]