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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 water-going vessels, ships, […]

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What is Marine Hull Insurance Policy?

Hull 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. Hull insurance includes fixtures attached to the ship hull as a […]

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Emerging risks in transporting goods via water

Oceans connect continents in the world and thus, they give many opportunities for the transportation of goods as well. However, while sea transport entails many benefits, various hazards go with it as well. Let’s have a look at the risks that are associated with transporting goods via water. Weather Hazards Certain risks in transporting goods […]

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How Does Indemnity Apply to Marine Insurance?

Insurance policies, except for life and personal accidents, are subject to the principle of indemnity. Marine insurance policies are also contracts of indemnity. The principle of signing the contract in utmost good faith is important in marine insurance. Why do only narrow definitions of indemnity apply to Insurance? However, as per the standard definition of […]

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Marine Hazards Every Exporter & Importer Should Worry About

The marine industry serves as an important connection bridge in international trade, and the cargo vessels are the most efficient, and probably the only means to transport large volumes of finished goods and commodities. In a global economy, bulk carriers are crucial, as they cover a huge range of products. For instance, Coal, Sulphur, Cement, […]

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How to Decide the sum Assured in Specific Transit Insurance Policies?

The specific transit insurance policy offers coverage for cargo or goods carried through various modes of transport. This insurance policy offers protection to any consignment for one trip. This means that the protection ceases for this transit insurance policy as soon as the cargo reaches its destination. The major benefit of this specific transit insurance […]

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What are the various kinds of Marine Losses?

It is possible to divide marine losses under the following head- Total Loss= It can be further segmented into the below categories: Actual Total Loss- It happens when- Goods are completely damaged Goods are damaged beyond repairing Policyholder is deprived of the insured subject Ship is missing, and there is no trace of it In […]

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