Increased globalisation over the last few decades has made the world a smaller place. Today, there is a regular export of goods made in India to countries across the world and vice versa. With global online marketplaces, the import of foreign-made is the norm. Such import-export is only possible today because of the shipping industry. […]
Cargo versus Freight Insurance: What’s The Difference?
Customers often confuse the terms ‘freight’ and ‘cargo’ as they are used interchangeably. This confusion leads to questions about the difference between cargo insurance policy and freight insurance. Both insurance plans aim to protect goods during transportation from damage or loss. They cover goods transported internationally or domestically through various modes like sea, air, land, […]
What Is International Cargo Insurance & why should you consider buying it?
International trade involves sending goods overseas via rail, road, sea, or air. Today, international trade is the norm with globalisation and online shopping. However, the transport of goods over great distances invites great risk. Hence, international cargo insurance is the best way for businesses to protect their investment. What risks do businesses face when shipping […]
What is the Marine Insurance Act of 1963?
One of the most crucial components of international commerce and trade is marine insurance. The transport of goods over water is especially dangerous as there are many dangers, from natural hazards and weather-related issues to cross-border issues and even piracy. Hence, at every stage of operations, marine insurance is a necessity and is subject to […]
What is the Blanket Insurance Policy ?
A Blanket Policy in Marine insurance is a type of insurance policy that provides coverage for a wide range of marine-related risks. It is typically used by businesses that are involved in shipping, transportation, and other activities that involve the use of ships, boats, or other watercraft. The marine blanket policy covers a variety of […]
Benefits of time marine insurance policy
Marine insurance is arguably one of the oldest types of insurance in the world. There is even evidence of marine insurance dating back as far as 1792–1750 BC of the First Babylonian Empire. The dangers and perils of sea transport are a well-known and established fact, which has made marine insurance a requirement for centuries. […]
What is Freight Insurance? Know about it’s features and benefits
A freight insurance policy insures the total or partial value of the cargo. The insurance is provided by a third–party company. The policy would be exclusive to the specific freight shipment and shipper. The structure of freight insurance is similar to that of a general insurance policy. Why do shippers need Freight Insurance Policy? The […]
Explain Sales Turnover Policy and its various advantages
Sales turnover policy (STOP) is a highly evolved marine insurance cover. Policy is designed to protect businesses against financial losses resulting from unexpected events such as fire, theft, or damage to stock, machinery, or property. It provides coverage based on the insured’s sales turnover, offering financial protection for the assets and operations of the business. […]
Importance of specific transit insurance policy – Infographic
Specific transit marine insurance offers wide coverage to the transported shipment. It offers protection against a wide range of perils which may result in huge financial loss. Importance of specific transit insurance policy, Infographic below, elaborates on the subject. There are several reasons why you might need a specific transit insurance policy: To protect against […]
Right price to buy transit insurance – Infographic
There are many general insurance companies which offer specific transit insurance. These companies charge different premiums based on the coverage and benefits opted for. There are a few factors to consider when determining right price to purchase Transit Insurance: Value of the goods being transported: The value of the goods being transported will impact the […]