At the time of taking a marine insurance policy, it is necessary to mention the name of both the departure and destination ports, which comes under the touch and stay clause. What is the Touch and Stay Clause in marine policies? As per the touch and stay clause in marine insurance, the ship should stay […]
How to Decide the sum Assured in Specific Transit Insurance Policy?
The specific transit insurance policy offers coverage for cargo or goods carried through various modes of transport. This insurance policy offers protection to any consignment for one trip. This means that the protection ceases for this transit insurance policy as soon as the cargo reaches its destination. The major benefit of this specific transit insurance […]
What is Limited Carrier Liability Cover in Export & Import Insurance?
Limited liability of the carrier to export or import goods safely can cause financial loss. Read more about choosing the right export-import policy for your business.
Hazards of Shipping Goods by Sea and How Marine Transit Insurance Can Help You?
Indeed, oceans connect continents in the world and therefore, offer wonderful opportunities for transporting goods. However, while the ocean gives good means for exporting goods, many hazards go along with sea transport. But if you buy marine transit insurance, it will be easier to combat risks. Risks which go with sea transport and how marine […]
How can SecureNow help you with marine insurance Policies?
SecureNow, a leading corporate insurance advisor, is a progressive insurance brokerage firm specializing in a wide range of insurance policies, including individual and corporate insurance policies. If you are looking for a marine insurance policy to cover your business against a myriad of risks that are associated with the transportation of goods via different modes […]
What are the various kinds of Marine Losses?
It is possible to divide marine losses under the following head- Total Loss= It can be further segmented into the below categories: Actual Total Loss- It happens when- Goods damages completely Goods damaged beyond repairing The policyholder is deprived of the insured subject The ship is missing, and there is no trace of it In […]
What is Inland Transit Clause A in marine insurance?
When navigating the intricacies of marine insurance, it is crucial to understand what is Inland Transit Clause A in marine insurance. Let’s delve into what’s an Inland Transit Clause A in marine insurance and how it safeguards goods during their overland transportation. Inland Transit Clause A is a crucial component of marine cargo insurance, safeguarding […]
What is Open cover in marine insurance?
The open cover is a category of marine insurance policy in which the insurance provider will provide coverage for the cargo shipped during a specific policy period. The open cover is most commonly procured by those companies which make very frequent shipments. This policy can act as a blanket cover for businesses. Thus helping them […]
What is per bottom limit in marine insurance?
“Per bottom limit” is an important feature of an open cover marine insurance policy. An open marine insurance policy describes the cargo, voyage, and insurance cover in general terms. It will naturally take care of all the shipments which fall under its scope. Issued for 1 year, this policy is renewable annually, and either the […]
differentiate between an open cover and an open policy
Marine Insurance Policy Categories The open cover is a category of marine insurance policy in which the insurance provider is ready to provide cover for all the cargoes which are being shipped during the policy term whereas an open marine insurance policy will provide cover for an indefinite number of requirements arising in the future. […]