The traditional marine insurance policy covers only the market value of the ship commonly referred to as ‘Shipowner’s Interest’. However, there are other additional costs apart from the market value of the vessel requiring coverage. Some costs like sundries for the ship replacement, buying an equivalent new ship, such as office expenses, or brokerage also […]
When does Marine transit insurance coverage terminated for goods in transit
A marine transit insurance policy doesn’t offer any coverage if the insurer defaults on his duty of disclosure. The policy buyer has to make disclosures after renewing the policy. The insurance company can roll back the insurance if the insurer defaults on the policy terms and conditions. Effectively, the cargo remains uninsured. So When Does […]
What are the Special Characteristics of Marine Insurance?
Special Characteristics of Marine Insurance Marine insurance plays an imperative role by covering you against loss or damage of cargo, ships, and through any other transport, including inland transit. The policy comes loaded with the following special characteristics of Marine insurance are : 1. It is available both at ‘agreed value’ and ‘market value’ : […]
What are Institute Cargo Clauses in Marine Cargo Insurance?
Institute Cargo Clauses in Marine Cargo Insurance Institute cargo clauses come embedded in a marine insurance policy that covers cargo in transit. These clauses are there to specify what kind of items covers in the cargo in case of any loss or damage to the shipment. It is interesting to note; the institute cargo clause […]
What is a Cargo Marine Insurance Policy?
The cargo marine insurance policy is a specially designed insurance for goods in transit. It offers coverage to freight against all types of losses or damages from external causes during transportation, whether by land, sea, or rail. Usually, cargo insurance policies are freely assignable. However, in the case of insured goods being personal belongings of […]
What Is Subrogation in Marine Insurance?
In insurance, “subrogation” means the company’s right to pursue a responsible third party for damages to the insured. Simply put, it means you give the insurance company the legal right to sue the person who caused the accident. This allows them to recover the money paid to you for the damages. The loss or damage […]
What are the 4 General Exclusions in Marine Export and Import Policy?
Export and import businesses are perhaps the basis of globalization in the contemporary world. These are a way to take your business global and target more consumers. Go back to the past, and you can see that international trade is not new. Think of Vasco Da Gama, the Portuguese explorer who came to India to […]
Principles of Marine Insurance Policy?
The principles of marine insurance policy revolve around providing protection against risks associated with maritime activities. The policy covers various risks such as damage to cargo, loss of vessel, and liability towards third parties. Financial security is provided by the policy to the owner or operator of the vessel, cargo owners, and other stakeholders. The […]
What is Running Down Clause in Marine Insurance?
Running Down clause in Marine Insurance or 3/4th collision liability clause in marine insurance offers a shipowner some kind of coverage which is necessary in case of third-party liability in the event of a collision. It is a clause within the marine insurance policy, that offers legal coverage if the insured vessel collides with another […]
What is Insurable Interest in The Marine Policies?
The insurable interest in Marine policies means that policyholders must have a financial stake in the vessel, cargo, or other insured property. Insurable interest in marine insurance can arise in a number of ways. For example, the ship owner has insurable interest in its safe transportation and arrival. Cargo owner has insurable interest in safe […]