Overview Freeboard in marine insurance refers to the vertical distance between the waterline and the upper deck of a vessel. It acts as a critical safety margin that ensures the ship remains buoyant, stable, and within insured limits. Why Free Board Matters: Safety Indicator: Less freeboard means a higher risk of water ingress during rough […]
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 […]
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. Key Takeaways Hull vs. Cargo: Just as automobile insurance distinguishes between the car and […]
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 […]