A freight insurance policy insures the total or partial value of the cargo. The insurance is provided by a third–party company. The policy would be exclusive to the specific freight shipment and shipper. The structure of freight insurance is similar to that of a general insurance policy. The purchase of freight insurance will cover your […]
Marine Insurance
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 are required for producing/manufacturing of 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 materials and consumables […]
Features of Specific Marine Insurance – Infographic
Marine Transit Insurance Policy offers coverage to the consignment against damages from various perils like fire, theft, explosion, and natural disasters. The below infographic explains the 6 key features of Marine Transit Insurance :
What are the important features of Specific Transit 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 perils. In this article, we will get to know about the important features of Marine / Transit Insurance. Marine insurance provides […]
What is Franchise Clause in Insurance. How Does the Clause Work?
The Franchise Clause in Insurance applies the minimum amount of claim acceptable by the insurer. Generally, insurers decide the franchise limit based on the type of insurance and the feasibility of recovering the loss from the erring party. The following reasons justify the use of the franchise clause in Insurance : The insurer will try […]
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 […]
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 the 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 […]
Inland Transit v/s Marine Cargo insurance
In the world of marine insurance, the two most confusing terms are inland transit insurance and Marine Cargo Insurance. It seems that both are quite similar to each other with many of their provisions overlapping each other. Both provide protection to goods in transit against any damage from man-made or natural disasters, mishandling or damage […]
What are the extensions available in the freight forwarder liability insurance policy?
Multiple options of add-on cover are available to add to the freight forwarders liability policy by paying an additional premium amount. The freight forwarders insurance policy covers the liability of the freight forwarders in case of damage to goods in transit. It also covers contingent cargo. Various other kinds of risk are mitigated by including […]
What is marine protection and indemnity insurance?
Marine protection and indemnity insurance (P&I) liability insurance are designed for addressing the needs associated with the marine industry. This insurance provides cover against all maritime risks associated with vessel operation, and third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In […]
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