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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, third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In the […]

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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 marine insurance necessary? Some of the major reasons which make the purchase of marine insurance necessary. […]

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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 this policy are listed below. a. Natural forces Natural forces or natural calamities like floods, high tides, etc. are permanent and unchanging. However, some are seasonal as well […]

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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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How does marine cargo insurance work?

Marine cargo insurance is a category of property insurance that provides protection to a property that is in transit. The losses to the property in transit can incur due to certain perils, associated with transport by sea, by air, or inland waterways.  In marine cargo insurance, the coverage provides to the goods and the means […]

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For what Duration Marine Inland Transit Insurance Clauses apply?

Here are guidelines which are attached with the duration of the marine inland transit insurance clause – Clause (A) and (B) The insurance becomes valid from the time the goods leave the warehouse or place of storage as mentioned in the inland transit insurance policy document, and it is terminated either: On the successful delivery […]

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