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Who is the right insurer to buy a Specific Marine Insurance Policy?

Shipping is an important aspect of businesses involved in trade or export. Likewise, transporting goods, domestic or international, involves a wide range of risks and perils. Availing of the right marine insurance policy is an essential requirement for businesses to have financial security against these marine perils. There are various marine insurance companies in India […]

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How do I buy a Specific Marine policy?

The shipping and transport business involves a huge amount of risk. Even with all the risk control measures, unexpected events can still take place, thus putting businesses under financial stress. Being exposed to the risk of various man-made and natural disasters, marine insurance has become quite* a necessity for businesses involved in the trade. Specific […]

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Who can buy Marine Insurance?

Buyers can take this policy, as well as, sellers, import/export merchants, contractors, banks—or anyone engaged in the import and export of goods or transportation of it within the country. However, there are different types of policies, included in this policy like marine hull insurance which is beneficial for ship owners. Cargo insurance is advantageous to […]

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What is covered under Marine Cargo Insurance?

The Marine Cargo Insurance policy covers the occurred loss or damage to property caused due to: Natural disasters like cyclones, earthquakes, lightning, etc. Man-made disasters like theft, violence, and piracy of ships Collision, overturning, or derailment of land conveyance Sinking or stranding of ships Expenses such as survey fees, forwarding costs, and reconditioning costs The […]

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What is not covered Under Marine Insurance?

In this article, we will learn about what is not covered under marine insurance. Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to willful act of negligence and misconduct Any loss or damage due to delay Loss or damage due to improper packing Financial default or insolvency of owners, […]

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How to file a claim under Marine Insurance?

Transport of cargo by ships involves a lot of risks. However, there is a provision for sea traders to buy suitable marine insurance. A marine insurance policy will help buyers to safeguard themselves against all possible risks. Marine insurance covers a wide range of situations be it theft of cargo in transit, pilferage, damage, or […]

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What are the factors that decide premium of Marine Insurance policies?

Businesses involved in the export of goods by way of ships should invest in suitable marine insurance. An adequate marine insurance cover can protect businesses from incurring possible financial losses that may arise due to an unexpected event or marine perils. So what are the factors that decide the premium of Marine Insurance policies? When […]

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A Guide to Marine Cargo Policy

Marine cargo policy provides insurance to businesses involved in the shipping of goods across national boundaries on a regular basis. Any unexpected damage to the goods during the transit can also cause an irreparable loss to the businesses. Hence, it is important to get insurance beforehand. Marine insurance policies not only cover the goods being […]

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Incoterms Explained

The International Chambers of Commerce or ICC published a series of standard terms such as Incoterms or International commercial terms. .  They are an essential component of everyday communication of trade and are an integral part of sale contracts. Every country has its own trade agreement, rules as well as terminologies to use for domestic […]

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5 Clauses an Exporter Should Consider while Buying Marine Insurance

It is highly likely that the concept of insurance started with marine insurance. It is still is an essential part of export houses and other businesses today involved in the transport of goods. The insurance covers the loss or damage of ships, cargo, terminals. It also covers the loss of transport or cargo which transfers […]

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