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Features of Specific Marine Insurance – Infographic

Marine insurance policy offers coverage to the consignment against damages from various perils like fire, theft, explosion, and natural disasters. Below infographic explains the 6 key features of specific marine insurance.

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. Marine insurance also provides coverage for cargo losses, damaged ships, vessels, or any goods transporting vehicles and shipping containers. Despite […]

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 […]

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, […]

What are the extensions available in the freight forwarder liability insurance policy?

There are multiple options of add-on cover available which can be added to the freight forwarders liability policy by paying an additional premium amount. The freight forwarders insurance policy covers liability of freight forwarder in case of damage to goods in transit and also covers contingent cargo. Various other kinds of risk are mitigated by […]

What are 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 helps in providing cover against all maritime risks that can be associated with vessel operation, third-party damages that can be caused to cargo or risks associated with environmental damages such as pollution, war, oil […]

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. This type of insurance is broadly referred to as marine insurance. Marine insurance is a wide concept available to the buyers through […]

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 […]

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 […]

What are the Perils of the Sea in Marine Insurance?

Here, perils of the sea in marine insurance include extraordinary forces of nature which maritime ventures might need to face during the voyage. Broadly speaking, ‘peril of the sea’ is defined to cover everything that happens to ship during the voyage by the Acts of God. It means perils of the sea include those accidents […]

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Definitioner

Claim: Claim - means a demand made by You or on Your behalf for payment of Medical Expenses or any other expenses or benefits, as covered under the Policy
Sum Insured: "Sum Insured" means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.
Policy: "Policy" means this document of Policy describing the terms and conditions of this contract of insurance, including the company's covering letter to the insured if any, the Schedule attached to and forming part of this Policy, the Insured's Proposer form and any applicable endorsement thereon. The Policy contains details of the scope and extent of cover available to the Insured/Insured Person, the exclusions from the scope of cover and the terms and conditions of the issue of the Policy.
Insured: "Insured" means the individual who has a permanent place of residence in India and on whose name the Policy is issued.
Accident: "Accident" means a sudden, unforeseen and unexpected physical event beyond the control of the Insured/Insured Person resulting in bodily injury, caused by external, visible and violent means.