In Marine Insurance, Inland Transit Coverage stands as a protective bulwark for goods navigating overland routes. This active insurance component shields shipments against a spectrum of risks, encompassing damages and losses during transportation. As cargo traverses roads and railways, this coverage ensures comprehensive protection. Clauses within Inland Transit Coverage meticulously address diverse perils, from collisions […]
3 Reasons You Need a Marine Hull Insurance Policy Before Exporting the Next Consignment via Water
So here you are—ready to export your consignment via water. While you are taking all the necessary steps to ensure the safe transit of goods, have you bought a marine hull insurance policy? Marine hull insurance is an essential insurance policy that covers the insured vessel or fleet against various types of losses or damages […]
Are There any Exclusions in Marine Insurance Policy?
Marine Insurance Policy is one of the most useful covers offered by insurers to insure the businesses exporting/importing and transporting goods. It is a comprehensive policy that includes several covers depending on the type of transit undertaken. The policy is available in a customized format and covers all kinds of legal exports and imports of […]
What is the Meaning of Free on Board in Marine Insurance Policies?
Marine insurance policies play an important role by covering you against various losses or damages which may arise during the transportation of goods. While transporting goods, there is a free onboard term that should catch your attention as it will affect the terms & conditions of your marine insurance policies. Free onboard or freight on […]
How does commercial marine insurance respond to the increasing risks involved in goods transportation through water?
Commercial marine insurance plays an active role in safeguarding businesses from various risks which may arise during the transportation of goods through the water. Various benefits that one can enjoy after buying a commercial marine insurance policy: 1. It facilities international trade As there has been an increase in the volume of trade through water, […]
What is Warranty in Marine Insurance Policy?
A marine insurance policy consists of several warranties. Marine Insurance covers the loss or damage of ships, cargo, or by any other means of transport, that’s transporting property. Therefore, it offers a warranty to an insured promise to do or not to do some particular thing. And so we must know what exactly a warranty […]
How to approach the Marine insurance company to file a claim?
Irrespective of the transport mode chosen, high risk prevails in transporting cargo from one place to the other. Yet, the good news is that marine insurance is there to protect against all sorts of dangers. Whether it is loss or damage to cargo in transit or pilferage loss. Marine insurance covers the inventory and in […]
What documents are required to file a claim under marine hull insurance policy?
A marine hull insurance policy provides protection to ship owners against loss or damage to ships or vessels and as well as, related financial losses. Therefore, to file a marine hull insurance policy claim, the insured needs to submit various documents to the insurance company. Documents required for Marine Hull Insurance and the Claim Process: […]
What is Open Marine Insurance Policy?
As the name says, an open marine insurance policy covers an indefinite number of inland movement of consignments. This insurance policy remains open until cancelled or exhausted the sum insured, whichever comes first. Under an open marine insurance policy, declared successive shipments to the insurance company. And they automatically get covered under the open marine […]
What does ‘both to blame Collision clause mean in a marine insurance policy?
‘Both-to-blame’ Collision clause in Marine Insurance In an event of a collision, the company’s liabilities and risks are covered by the ocean marine insurance policy purchased by the company. A marine insurance policy provides protection against losses for ships. Such policies also cover the shipping industry in the event of damage to the ship’s hull […]