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 […]
Importance of specific transit insurance policy – Infographic
Importance of specific transit insurance policy – Infographic Specific transit marine insurance offers wide coverage to the transported shipment against a wide range of perils which may result in huge financial loss. There are several reasons why you might need a specific transit insurance policy: To protect against physical loss/damage during transportation: If you are […]
Why do I need a specific marine policy?
Marine insurance is a comprehensive and extensive domain in insurance with a wide scope of coverage. There are various types of marine insurance and businesses can customise these policies per their needs. The policy can provide open insurance coverage to large exporters whose business involves routine shipping over a specific period. If your business demands […]
A Guide to Marine Cargo Policy
A Cargo insurance policy provides coverage to businesses involved in the shipping of goods across national boundaries on a regular basis. Any unexpected damage to the goods during the transit can also cause an irreparable loss to the businesses. Hence, it is important to get insurance beforehand. Marine insurance policies not only cover the goods […]
Incoterms Explained in Marine Insurance
The International Chambers of Commerce or ICC published a series of standard terms such as Incoterms or International commercial terms. . 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 to use for domestic […]
Is it important for a freight forwarder to insure consignment of its clients?
Being a freight forwarder, you are responsible for the damages or lost goods during transit and sued against damaged goods. In order to be on the safe side, a freight forwarder should always ask its clients to buy cargo insurance. Clients should buy cargo insurance as it is their insurable interest to protect the cargo […]
Why is marine insurance necessary?
Marine insurance is needed when the risks are associated with marine activities. These marine activities can include transportation by oceans and waterways. Or other means and mediums, building or maintaining water-going vessels, ships or submarines, etc. So, why is a marine insurance policy necessary? Some of the major reasons which make the purchase of a […]
Why is Marine Insurance important?
Insurance is an important protection for any business activity. Marine insurance is the oldest form of insurance that is essential to boost trade which ultimately leads to economic growth. Any business that is engaged in trade including the import and export of goods is exposed to a variety of risks that can result in loss […]
What is the Scope of Marine Insurance?
A comprehensive marine insurance policy ensures the security of vessel operatives. Furthermore, it also ensures that there is a minimum liability in case of any loss or damage to the cargo in transit. So what really is the Scope of Marine Insurance? Usually, people assume that marine insurance covers only sea transit. However, in reality, […]