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 […]
What Is Subrogation in Marine Insurance?
In insurance, “subrogation” means the company’s right to pursue a responsible third party for damages to the insured. Simply put, it means you give the insurance company the legal right to sue the person who caused the accident. This allows them to recover the money paid to you for the damages. The loss or damage […]
What are the 4 General Exclusions in Marine Export and Import Policy?
Export and import businesses are perhaps the basis of globalization in the contemporary world. These are a way to take your business global and target more consumers. Go back to the past, and you can see that international trade is not new. Think of Vasco Da Gama, the Portuguese explorer who came to India to […]
Why Indian exporters must buy the Marine Insurance Policies?
Own an export business that rules on the sea? If yes, then make yourself aware of why marine insurance is a must-have