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Explain Sales Turnover Policy and its various advantages

Sales turnover policy (STOP) is a highly evolved marine insurance cover. It is suitable for industries where multiple internal transits are required 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 Insurance policy covers the occurred loss or damage to property caused due to: Natural disasters like cyclone, earthquake, 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 Marine […]

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What is not covered Under Marine Insurance?

Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to wilful act of negligence and misconduct Loss or damage due to delay Loss or damage due to improper packing Financial default or insolvency of owners, charterers, managers, or operators of the vessel Loss or damage due to wire, strike, riot, […]

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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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How does marine cargo insurance work?

Marine cargo insurance is a category of property insurance which provides protection to a property which is in transit. The losses to the property in transit can incur due to certain perils that are associated with transport by sea, by air or inland waterways.  In marine cargo insurance, coverage is provided to the goods and […]

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For what Duration 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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