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 […]
What are the Special Characteristics of Marine Insurance?
Special Characteristics of Marine Insurance Marine insurance plays an imperative role by covering you against loss or damage of cargo, ships, and through any other transport, including inland transit. The policy comes loaded with the following special characteristics of Marine insurance are : 1. It is available both at ‘agreed value’ and ‘market value’ : […]
What are Institute Cargo Clauses in Marine Cargo Insurance?
Institute Cargo Clauses in Marine Cargo Insurance Institute cargo clauses come embedded in a marine insurance policy that covers cargo in transit. These clauses are there to specify what kind of items covers in the cargo in case of any loss or damage to the shipment. It is interesting to note; the institute cargo clause […]
A Quick Guide for Getting the Right Marine Insurance Policy
Business dynamics always have to deal with uncertainties, and the expansion of trade and commerce gives rise to various risks which are associated with the transportation of goods. Therefore, it is crucial to have a viable risk management practice in place if the company is eyeing business expansion. Designed to offer coverage against various risks […]
Do Past Claims Cause Higher Premium in Marine Policy?
Yes, your past claims impact the premium of your present marine insurance policy. In a situation where your claims have been high, the existing marine insurance company may increase your premium at the time of policy renewal. However, in case you are approaching a new insurer, your insurance premium might be somewhat lower, but it […]
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 a Cargo Marine Insurance Policy?
The cargo marine insurance policy is a specially designed insurance for goods in transit. It offers coverage to freight against all types of losses or damages from external causes during transportation, whether by land, sea, or rail. Usually, cargo insurance policies are freely assignable. However, in the case of insured goods being personal belongings of […]
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 […]