Who can buy Marine Insurance?

The Marine Insurance policy can be taken by buyers, sellers, import/export merchants, contractors, banks—or anyone engaged in the import and export of goods or transportation of it within the country. There are different types of policies that are included in this policy like the marine hull insurance which is beneficial for ship owners. Cargo insurance […]

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What is covered under Marine Cargo Insurance?

The Marine Insurance policy covers the occurred loss or damage to property caused due to: Natural disasters like cyclone, earthquake, lightning, etc. Man-made disasters like theft, violence, and piracy of ships Collision, overturning or derailment of land conveyance Sinking or stranding of ships Expenses such as survey fees, forwarding costs, and reconditioning costs The Marine […]

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What is not covered Under Marine Insurance?

Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to wilful act of negligence and misconduct Loss or damage due to delay Loss or damage due to improper packing Financial default or insolvency of owners, charterers, managers, or operators of the vessel Loss or damage due to wire, strike, riot, […]

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How to file a claim under Marine Insurance?

It is imperative to approach your marine insurer on an immediate basis, in case your goods are damaged, destroyed or stolen during transit. The insurer will carefully check whether all safety measures were taken while transporting goods or not. This is done to ensure there is no illicit marine insurance claim. Also, you are required […]

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What are the factors that decide premium of Marine Insurance policies?

Marine insurance premium cost increases or decreases in accordance with the estimates made by the insurance company. The premium is estimated on the basis of the following parameters: The nature of the goods The value of the goods The inherent risks that your products may possess The route, construction, and type of vessel The destination […]

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A Guide to Marine Cargo Policy

Marine cargo policy provides insurance to such businesses which are involved in shipping of goods across the national boundaries on a regular basis. Any unexpected damage to the goods during the transit can cause an irreparable loss to the businesses, and so need to be insured beforehand. Marine insurance policies not only cover the goods […]

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Incoterms Explained

Incoterms or International commercial terms are series of standard terms published by the International Chambers of Commerce or ICC.  They are an essential component of everyday communication of trade and are an integral part of sale contracts. Every country has its own trade agreement, rules as well as terminologies that are used for domestic trade. […]

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5 Clauses an Exporter Should Consider while Buying Marine Insurance

It is highly likely that the concept of insurance started with marine insurance; and still is an essential part of export houses and other businesses today involved in transport of goods. The insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held […]

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What are marine protection and indemnity insurance?

Marine protection and indemnity insurance (P&I) liability insurance are designed for addressing the needs associated with the marine industry. This insurance helps in providing cover against all maritime risks that can be associated with vessel operation, third-party damages that can be caused to cargo or risks associated with environmental damages such as pollution, war, oil […]

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