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Incoterms Explained in Marine Insurance

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, and terminals. It also covers the loss of transport or cargo which […]

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What is marine protection and indemnity insurance?

Marine protection and indemnity insurance (P&I) liability insurance is designed for addressing the needs associated with the marine industry. This insurance provides cover against all maritime risks associated with vessel operation, and third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In […]

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Why is marine insurance necessary?

Marine insurance is needed when the risks are associated with marine activities. These marine activities can include transportation by oceans and waterways. Or other means and mediums, building or maintaining water-going vessels, ships or submarines, etc. So, why is a marine insurance policy necessary? Some of the major reasons which make the purchase of a […]

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How is marine insurance premium calculated?

Marine insurance premium either increases or decreases based on the risk estimates made by the insurance provider. The major parameters which are involved in the determination of the premium of the marine insurance policy are listed below. a. Natural forces Natural forces or natural calamities like floods, high tides, etc. are permanent and unchanging. However, […]

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Why is Marine Insurance important?

Insurance is an important protection for any business activity. Marine insurance is the oldest form of insurance that is essential to boost trade which ultimately leads to economic growth. Any business that is engaged in trade including the import and export of goods is exposed to a variety of risks that can result in loss […]

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What is the difference between marine and cargo insurance?

Trade is an integral part of any economy. A business involved in trade needs insurance protection against various risks associated with the transport of goods or their shipment from one place to another. It is broadly known as marine insurance. Marine insurance is a wide concept available to buyers through various subtypes depending on the […]

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