Introduction Every year, thousands of shipments leave Indian ports by sea, air, and road. Somewhere between the factory floor and the buyer’s warehouse, cargo faces fire, theft, flooding, container mishandling, and accidents. Marine insurance is the financial safety net that protects goods during this journey. This guide explains what marine insurance is, how it works […]
Types of Marine Insurance Policies – Complete Guide
Quick Answer There are six core types of marine insurance policies in India: Open Cover, Open Policy (Floating Policy), Specific Voyage Policy, Time Policy, Blanket Policy, and Sales Turnover Policy (STOP). Businesses also buy specialised covers such as Contingent Cargo Insurance, Special Cargo Insurance, and Air Freight/Air Cargo Insurance depending on shipment frequency, cargo type, […]
Marine Transport Insurance Trends for Indian Exporters (Sea & Air)
Quick Summary Table: Key Trends in Marine Transport Insurance for Indian Exporters Trend Category Description Impact on Indian Exporters Digitalization Increased adoption of online platforms for policy issuance, claims management, and data analytics. AI/ML for risk assessment. Faster policy procurement, streamlined claims, better risk insights. Requires adapting to digital processes and potentially new data submission […]
Protecting Cargo and Beyond is the Scope of Marine Insurance
Individuals and businesses engaged in trade are exposed to numerous risks, including cargo theft, damage, accidents, and natural calamities during transit. These unexpected risks can cause significant financial losses and disrupt the supply chain. Marine insurance is crucial in safeguarding cargo, vessels, and other maritime assets from these potential risks. Marine insurance has a long […]
Marine Insurance vs. Freight Insurance: What’s the Difference?
Marine and freight insurance are essential for shipping, logistics, and transportation businesses. Global trade and shipping of goods expose businesses to various risks and unpredictable conditions. Having adequate insurance ensures protection against financial losses, improves cash flow, and helps businesses comply with contractual requirements and trade regulations. However, businesses need to understand the difference between […]
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?
Overview The Pair and Set Clause in marine insurance is a standard provision used when a claim involves items that are part of a pair or set—such as matching furniture, cutlery, electronics, or garments. This clause limits the insurer’s liability to the value of the specific part lost or damaged, rather than the entire pair […]
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 […]