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Right price to buy specific marine insurance – Infographic

There are many general insurance companies which offer specific transit insurance. These companies charges different premium based on the coverage and benefits opted. Below infographic explains various factors that affects specific transit insurance premium and the right price to buy this policy.

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What is the right price to pay for a Specific Marine policy?

Marine insurance is an important requirement for businesses when shipping their goods. By having adequate marine insurance cover, businesses can protect themselves from the possible financial losses that may arise due to an unexpected event or marine perils. But what is the right price to pay for a Specific Marine Insurance Policy? While availing marine […]

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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 […]

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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 marine insurance premium are listed below.   a. Natural forces Natural forces or natural calamities like floods, high tides, etc. are permanent and unchanging. However, some are seasonal […]

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Do Past Claims Cause Higher Premium in Marine Policy?

Yes, your past claims impact the premium of your present marine insurance policy. In a situation where your claims have been high, the existing marine insurance company may increase your premium at the time of policy renewal. However, in case you are approaching a new insurer, your insurance premium might be somewhat lower, but it […]

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