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 […]
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 […]
What are the types of marine insurance?
There are several types of marine insurance policies available to cover the various risks associated with marine transportation. These policies mainly include Hull Insurance, Machinery Insurance, Cargo Insurance, Freight Insurance, P&I Insurance, War Risk Insurance, Builders’ Risk Insurance, Offshore Energy Insurance: Hull and Machinery (H&M) Insurance are types of marine policy that together cover damage […]
Seven reasons for buying marine insurance before your next journey
So, here you are—ready for your next transportation of goods. But have you bought a marine insurance policy? If you are the one who thinks purchasing this policy is an extra expense that you don’t require, then it is time to think again. Here we have given seven reasons for buying marine insurance before your […]
What is Insurable Interest for Different Parties under Marine Hull Policies?
The different parties which can take cover under the Marine Hull Insurance Policies are as follows: Shipowners, Shipbuilders, charterers, bankers, financiers of Ships, or vessels who have Insurable interest. Ship owner’s insurable interest: The marine hull policies cover the ship’s body or her ‘Hull’, also the ship’s machinery, ordinary fittings and tackle as required for […]
Ten Elements of a Marine Insurance Policy Contract
Ten Elements of a Marine Insurance Policy Contract A marine insurance policy is a contract between an insurance company and insurer whereby the insurer agrees to indemnify the insured in a manner, thereby agreed, against the marine losses. A marine insurance policy contract has the following elements- 1. Features of a general marine insurance contract […]