With the rising globalisation, businesses are selling their goods on both domestic and international markets. Business expansion increases transit risks. In cross-border or long-distance transport, potential goods damage threat rises, causing financial losses. Availing transit insurance becomes extremely essential for businesses involved in goods transportation. Understanding coverage scope, exclusions, terms, and conditions is vital when […]
The Specific Cyber-Security Risks Present in Modern Marine Insurance and Protection Against Them
Today the marine industry sector is progressively susceptible to digitalization, operational integration and automation. Given that approximately 90% of the traded goods are transported by the international shipping industry, the safety of shipping vessels is critical to the global economy. In this digital era, the increased importance of IT infrastructure and electronics leads to the […]
Who is Covered Under Multimodal Transport Operator Insurance Cover?
Every business has its own legal and client-related liabilities that require careful consideration. The same holds true for transport operators providing national and international logistics solutions to clients from different industries. In particular, the challenges related to the work of Multimodal Transport Operators or MTOs are quite complex. They are engaged in transporting goods via […]
Difference Between Marine Insurance and Shipping Insurance
Transporting an object from one place to another always carries a degree of risk. Before accepting this responsibility, it is important to carefully consider the end-to-end delivery process and the parties involved. Financial protection is an utmost necessity for businesses involved in the trade and shipping industry by availing insurance coverage suitable for the business, […]
How do you differentiate between express and implied warranty under marine insurance?
A warranty in an insurance policy is a statement of the promise made by the insured to either perform or abstain from certain actions during the policy’s duration. The policyholder affirms or denies specific facts related to the policy. There are two types of Warranties in marine insurance: Express and Implied warranties. This article lets […]
What is salvage value, and how is salvage loss calculated in marine insurance?
Marine insurance is crucial for businesses involved in the trade. A marine insurance policy provides financial protection against the physical loss or damage to the insured cargo, ship or vessel while transporting the property. Marine insurance provides coverage against various marine losses. Though you can get comprehensive financial protection against various marine risks, it is […]
What are the 3 types of implied warranties in marine insurance?
Marine insurance is a form of insurance that has been in existence since the ancient times of trade. The marine insurance policy provides coverage against various named and unnamed perils that cause loss or damage to the cargo, ship, or vessel during the transport of the property insured. Warranty is one of the important features […]
What are innominate terms or express warranty in marine insurance?
Marine insurance is a contract between the insurance company and the insured. In a marine insurance contract, the insurance company agrees to compensate the insured. They do so based on the agreement made between them for the damage or loss to the subject matter insured during the shipment. The scope of cover in the marine […]
What are the Salient Features of Cash in Transit Insurance Policy?
There is always a risk of damage or loss to any type of property in transit. The causes can be numerous such as vandalism, theft, natural disasters, and many man-made calamities. Businesses engaged in cross-border international trade obtain a marine insurance policy. This policy safeguards their shipments and properties from losses or damages caused by […]
Cost advantage analysis of three main categories of Institute Cargo Clauses (ICC): A, B, and C
Marine insurance plays a vital role in international and domestic trade. A customised marine insurance policy provides complete protection against all the named and unnamed perils related to the shipping business. Marine insurance provides financial protection against the loss or damage caused to the ship, cargo, and terminal by which property is acquired, held, and […]