Increased globalisation over the last few decades has made the world a smaller place. Today, there is a regular export of goods made in India to countries across the world and vice versa. With global online marketplaces, the import of foreign-made is the norm. Such import-export is only possible today because of the shipping industry. […]
Cargo versus Freight Insurance: What’s The Difference?
Customers often confuse the terms ‘freight’ and ‘cargo’ as they are used interchangeably. This confusion leads to questions about the difference between cargo insurance policy and freight insurance. Both insurance plans aim to protect goods during transportation from damage or loss. They cover goods transported internationally or domestically through various modes like sea, air, land, […]
What is the Blanket Insurance Policy ?
A Blanket Policy in Marine insurance is a type of insurance policy that provides coverage for a wide range of marine-related risks. It is typically used by businesses that are involved in shipping, transportation, and other activities that involve the use of ships, boats, or other watercraft. The marine blanket policy covers a variety of […]
Benefits of time marine insurance policy
Marine insurance is arguably one of the oldest types of insurance in the world. There is even evidence of marine insurance dating back as far as 1792–1750 BC of the First Babylonian Empire. The dangers and perils of sea transport are a well-known and established fact, which has made marine insurance a requirement for centuries. […]
What is Freight Insurance? Know about it’s features and benefits
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. Why do shippers need Freight Insurance Policy? The […]
Explain Sales Turnover Policy and its various advantages
Sales turnover policy (STOP) is a highly evolved marine insurance cover. Policy is designed to protect businesses against financial losses resulting from unexpected events such as fire, theft, or damage to stock, machinery, or property. It provides coverage based on the insured’s sales turnover, offering financial protection for the assets and operations of the business. […]
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. Specific Marine Insurance infographic (see below), explains the key features. Specific Marine insurance is a type of insurance that covers losses or damage to ships, cargo, terminals, and any transport or storage in connection […]
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 franchisé limit based on the type of insurance and the feasibility of recovering the loss from the erring party. The franchise clause in marine insurance proves invaluable in various scenarios. It allows for cost-effective claims handling […]
What is covered under Marine Cargo Insurance?
Types of Coverage Under Marine Cargo Insurance Marine cargo insurance coverage apply to goods in transit, whether by sea, air, or land. The following are the types of coverage typically offered under marine cargo insurance coverage policies: All-risk coverage: It is the most comprehensive insurance, that covers all risks to the cargo during transit. However, […]