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
Incoterms 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 […]
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?
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 […]
Is it worth buying specific transit cargo insurance?
Yes, buying specific transit cargo insurance is worth it as it is a protection tool to cope up with damages to cargo during transit. If something goes wrong during a voyage, you can restore your financial stability with the right cargo insurance cover. Specific transit cargo is the best-fit insurance cover for those who send […]
What is the Insured’s Duty Under a Marine Insurance Policy?
In case of loss or damage to goods (falling under this policy), the insured and/or their agent should immediately notify the marine insurance company (notice of loss) or the insurance agent mentioned in their policy and provide the insurance company or the agent the full details of the loss. An insured and his agent/agents have […]
Why do You Need Marine Insurance Policy?
Insurance is needed to maintain the financial integrity of your life and business. Hence, we need a marine insurance policy. Marine insurance, by this definition, will be needed if the risks you seek cover from are related to marine activities, such as: Transportation through oceans and waterways The building, maintaining or operating of water-going vessels, […]
What is Marine Hull Insurance Policy?
Hull and machinery insurance is an insurance policy specially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Understanding Marine Hull insurance Policy as car insurance, with a difference of being for a water-faring vehicle instead of land. What does hull insurance Insurance cover? Hull insurance includes […]