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.  While availing marine insurance policy, it is important to have the right sum assured and right type […]

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What are the factors that decide premium of Marine Insurance policies?

Marine insurance premium cost increases or decreases in accordance with the estimates made by the insurance company. The premium is estimated on the basis of the following parameters: The nature of the goods The value of the goods The inherent risks that your products may possess The route, construction, and type of vessel The destination […]

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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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