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Explain Sales Turnover Policy and its various advantages

Sales turnover policy (STOP) is a highly evolved marine insurance cover. Thus, it is suitable for industries where multiple internal transits require to produce/manufacture the final product for sale. Instead of covering a particular type of transit, this policy covers all internal transits including : 1. Domestic purchase of raw material and consumables 2. Imports […]

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What are the important features of Specific Marine insurance?

Marine insurance is an important requirement for the smooth functioning of businesses involved in the shipping of goods. This insurance reassures their customers about having cover against damage or loss due to various marine risks. In this article, we will get to know about important features of Marine / Specific Marine Insurance. Marine insurance provides […]

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What is covered under Marine Cargo Insurance?

The Marine Cargo Insurance policy covers the occurred loss or damage to property caused due to: Natural disasters like cyclones, earthquakes, lightning, etc. Man-made disasters like theft, violence, and piracy of ships Collision, overturning, or derailment of land conveyance Sinking or stranding of ships Expenses such as survey fees, forwarding costs, and reconditioning costs The […]

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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 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 owners, […]

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What is marine protection and indemnity insurance?

Marine protection and indemnity insurance (P&I) liability insurance is designed for addressing the needs associated with the marine industry. This insurance provides cover against all maritime risks associated with vessel operation, third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In the […]

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What is the difference between marine and cargo insurance?

Trade is an integral part of any economy. A business involved in trade needs insurance protection against various risks associated with the transport of goods or their shipment from one place to another. It is broadly known as marine insurance. Marine insurance is a wide concept available to buyers through various subtypes depending on the […]

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For what Duration Marine Inland Transit Insurance Clauses apply?

Here are guidelines which are attached with the duration of the marine inland transit insurance clause – Clause (A) and (B) The insurance becomes valid from the time the goods leave the warehouse or place of storage as mentioned in the inland transit insurance policy document, and it is terminated either: On the successful delivery […]

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What are the Perils of the Sea in Marine Insurance?

Perils of the sea in marine insurance include extraordinary forces of nature faced by maritime ventures during the voyage. Broadly speaking, ‘peril of the sea’ covers damages to ship during the voyage by the Acts of God. It includes those accidents or casualties which do not happen due to the free will of a human […]

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