In marine insurance, a warranty is a promise or assurance given by the insured to the insurer regarding the condition or use of the insured property or vessel. A warranty outlines the insurer’s liability and determines if the insured can make a claim for vessel or cargo loss or damage. They play a crucial role […]
How does Marine cargo insurance work?
A marine cargo insurance policy is a category of property insurance that provides protection to a property that is in transit. The losses to the property in transit can incur due to certain perils associated with transport by sea, by air, or inland waterways. Marine cargo insurance provides coverage to the goods and the means […]
Know About All the Clauses in A Marine Insurance
A marine insurance policy works wonders by covering you and your consignment against a myriad of perils like fire, earthquake, lightning, washing overboard, etc. The policy comes loaded with various clauses in Marine insurance, some are listed below: 1. Institute Cargo Clause A The clause covers all the risks of loss or damages to goods. […]
What if the same goods are insured by multiple marine insurers?
A marine business can insure its goods with multiple marine insurers. However, the law dictates that you inform the second and consequent insurers about the previously taken insurance(s). Steps to take when insuring goods with multiple insurers A marine insurance buyer should inform secondary and consequent buyers about his earlier taken insurance policies. Even if […]
What is Marine Insurance?
Marine insurance covers the losses or damage caused to ships and terminals or to any mode of transport of cargo used to transfer, acquire, or hold goods between different points of origin and the final destination. The term may also apply to inland marine transit but usually using the context of ocean marine transportation. Marine […]
Conditions of Filing a Claim Payment Under A Marine Transit Insurance
Let’s know about how to file a claim under Marine Transit Insurance, and things that must not be done while filing a claim. Steps to file a claim: Inform your insurance company as soon as you come to know about any potential claim to cover under this policy Complete a marine transit insurance claim form […]
Does marine insurance cover storage at intermediate locations or the port or at the final destination?
Policyholders usually approach insurance companies to get storage cover at different storage locations when buying transit insurance policies. Some marine transit policyholders store their goods at transit sheds, port warehouses, and railway platforms. Marine insurance coverage A standard marine insurance policy covers goods during the “ordinary course of transit”. Post the discharge of goods, the […]
Increased value clause in Marine Inland Transit Insurance
The traditional marine insurance policy covers only the market value of the ship commonly referred to as ‘Shipowner’s Interest’. However, there are other additional costs apart from the market value of the vessel requiring coverage. Some costs like sundries for the ship replacement, buying an equivalent new ship, such as office expenses, or brokerage also […]
When does Marine transit insurance coverage terminated for goods in transit
A marine transit insurance policy doesn’t offer any coverage if the insurer defaults on his duty of disclosure. The policy buyer has to make disclosures after renewing the policy. The insurance company can roll back the insurance if the insurer defaults on the policy terms and conditions. Effectively, the cargo remains uninsured. So When Does […]
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 […]