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 hull insurance which is beneficial for ship owners. Cargo insurance is advantageous to the […]
What is covered under Marine Cargo Insurance?
Types of Coverage Under Marine Cargo Insurance Marine cargo insurance coverage apply to goods in transit, whether by sea, air, or land. The following are the types of coverage typically offered under marine cargo insurance coverage policies: All-risk coverage: It is the most comprehensive insurance, that covers all risks to the cargo during transit. However, […]
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 the 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 […]
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 it theft of cargo in transit, pilferage, damage, or loss […]
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 […]
Inland Transit v/s Marine Cargo insurance
In the world of marine insurance, the two most confusing terms are inland transit insurance and Marine Cargo Insurance. It seems that both are quite similar to each other with many of their provisions overlapping each other. Both provide protection to goods in transit against any damage from man-made or natural disasters, mishandling or damage […]
A Guide to Marine Cargo Policy
A Cargo insurance policy provides coverage 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 […]
Incoterms Explained in Marine Insurance
Incoterms 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 […]
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 an essential part of export houses and other businesses today involved in the transport of goods. Marine Insurance covers the loss or damage of ships, cargo, and terminals. It also covers the loss of transport or cargo which transfers […]
What are the extensions available in the freight forwarder liability insurance policy?
Multiple options of add-on cover are available to add to the freight forwarders liability policy by paying an additional premium amount. The freight forwarders insurance policy covers the liability of the freight forwarders in case of damage to goods in transit. It also covers contingent cargo. Various other kinds of risk are mitigated by including […]