Overview A Deviation Clause in a marine insurance policy governs what happens if a vessel changes its planned route during transit. This clause is crucial because an unjustified deviation can void the insurer’s liability from the moment of deviation onward, though losses incurred before remain covered. Permissible deviations—such as emergencies like storms, rescue operations, or […]
What are the Various Clauses of Marine Insurance Policies?
Various clauses of Marine Insurance are explained briefly below: Valuation Clause Here the value of the subject is the value as decided between both parties. In case of any loss or damage, the compensation amount would not exceed the amount as stated in the marine insurance policy. Case: K.S Shipping is planning to buy a […]
What is Particular Average Clause in Marine Cargo Insurance?
A particular average clause refers to the particular loss or damage caused to cargo due to a particular peril. The person affected by the damage to the cargo bears the loss. Thus, in any situation, it is not possible to shift the burden of loss to others involved in the shipment. So, under the particular […]
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 […]
What is Constructive Total Loss in Marine Cargo Insurance?
A constructive total loss in marine cargo insurance means that the cost of repair of a damaged item is more than the current value of the item. The insurer settles the insured the entire amount. Since the repairing cost exceeds the replacement or market value so the insurer settles the entire claim. Insurance companies often […]
What is new Jason Clause in Marine Insurance Policies?
Overview The New Jason Clause is a standard provision in marine insurance policies that protects shipowners from liability for certain types of negligent navigation. Under general maritime law, if a shipowner’s negligence causes a collision or grounding, they may be liable for cargo damage or general average contributions. This clause helps to limit that liability. […]
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 a constructive total loss in hull marine insurance policy?
A constructive total loss in the Hull Marine Insurance policy means that the cost of repair of a damaged ship/vessel is more than the value of the ship/vessel. In a constructive total loss, the insured vessel is abandoned as its actual total loss appears to be unavoidable. Retrieving the ship from the place where it […]
Running an export/import business in India? Here’s why you need marine insurance
Choosing the right marine insurance policy for your export and import business in India requires marine insurance for all the right reasons. Get to know them here.
How Does the Sales Contract affect the Marine Transit Insurance Contract?
In the case of a marine transit insurance contract, the terms of the sales contract are what will affect and who will get compensated. The main parties to a sales contract are a seller and a buyer. Others associated with the sales contract are bankers, carriers, and clearing agents among others. It is the seller […]