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, […]
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 […]
What is the difference between marine and cargo insurance?
Shipping 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 […]
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 – Clauses (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?
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 the 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 […]
What is Deviation Clause in Marine Insurance?
What is Deviation Clause in Marine Insurance? When the ship intentionally changes its route or remains in port without cause then deviation in marine insurance happens. Thus, the deviation is the new route or delay of the ship. Unless the marine insurance states otherwise, there is a breach of the insurance contract by the party […]
What are the Various Clauses of Marine Insurance Policies?
Various clauses of Marine Insurance are explained briefly below: Valuation Clause Here the value of the subject is the value as decided between both parties. In case of any loss or damage, the compensation amount would not exceed the amount as stated in the marine insurance policy. Case: K.S Shipping is planning to buy a […]