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 […]
Is it important for a freight forwarder to insure consignment of its clients?
Being a freight forwarder, you are responsible for the damages or lost goods during transit and sued against damaged goods. In order to be on the safe side, a freight forwarder should always ask its clients to buy cargo insurance. Clients should buy cargo insurance as it is their insurable interest to protect the cargo […]
What is marine protection and indemnity insurance?
Marine protection and indemnity insurance (P&I) liability insurance are 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 […]
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 […]
How is marine insurance premium calculated?
Overview How Is Marine Insurance Premium Calculated? Marine insurance premiums are calculated based on several risk factors and the valuation of the insured shipment or vessel. The final premium is determined using the following core components: Insured Value (IV) – This includes the cost of goods, freight, and a markup for anticipated profits (often 10%–15%). […]
What documents must be submitted by the insured while filing a Marine Insurance claim?
In order to file a marine insurance claim, it is necessary to submit the following documents by the policyholder – Duly filled original marine insurance policy or certificate Copy of billing lading Survey report/missing certificate Original invoice and packing list along with weight notes Copies of all the correspondence exchanged between you and the insurance […]