Marine Insurance Policy is one of the most useful covers offered by insurers to insure the businesses exporting/importing and transporting goods. It is a comprehensive policy that includes several covers depending on the type of transit undertaken. The policy is available in a customized format and covers all kinds of legal exports and imports of […]
What is the Meaning of Free on Board in Marine Insurance Policies?
Marine insurance policies play an important role by covering you against various losses or damages which may arise during the transportation of goods. While transporting goods, there is a free onboard term that should catch your attention as it will affect the terms & conditions of your marine insurance policies. Free onboard or freight on […]
What is Warranty in Marine Insurance Policy?
A marine insurance policy consists of several warranties. Marine Insurance covers the loss or damage of ships, cargo, or by any other means of transport, that’s transporting property. Therefore, it offers a warranty to an insured promise to do or not to do some particular thing. And so we must know what exactly a warranty […]
What is Open Marine Insurance Policy?
As the name says, an open marine insurance policy covers an indefinite number of inland movement of consignments. This insurance policy remains open until cancelled or exhausted the sum insured, whichever comes first. Under an open marine insurance policy, declared successive shipments to the insurance company. And they automatically get covered under the open marine […]
What does ‘both to blame Collision clause mean in a marine insurance policy?
‘Both-to-blame’ Collision clause in Marine Insurance In an event of a collision, the company’s liabilities and risks are covered by the ocean marine insurance policy purchased by the company. A marine insurance policy provides protection against losses for ships. Such policies also cover the shipping industry in the event of damage to the ship’s hull […]
What are the types of marine insurance?
There are several types of marine insurance policies available to cover the various risks associated with marine transportation. These policies mainly include Hull Insurance, Machinery Insurance, Cargo Insurance, Freight Insurance, P&I Insurance, War Risk Insurance, Builders’ Risk Insurance, Offshore Energy Insurance: Hull and Machinery (H&M) Insurance are types of marine policy that together cover damage […]
What is Insurable Interest for Different Parties under Marine Hull Policies?
The different parties which can take cover under the Marine Hull Insurance Policies are as follows: Shipowners, Shipbuilders, charterers, bankers, financiers of Ships, or vessels who have Insurable interest. Ship owner’s insurable interest: The marine hull policies cover the ship’s body or her ‘Hull’, also the ship’s machinery, ordinary fittings and tackle as required for […]
Ten Elements of a Marine Insurance Policy Contract
Ten Elements of a Marine Insurance Policy Contract A marine insurance policy is a contract between an insurance company and insurer whereby the insurer agrees to indemnify the insured in a manner, thereby agreed, against the marine losses. A marine insurance policy contract has the following elements- 1. Features of a general marine insurance contract […]
7 Reasons to Buy a Marine Insurance Policy if You are a Shipper
Why should you buy a marine insurance policy? The answer is— because you are a shipper. If the answer is not enough to convince you, then keep reading. Marine insurance covers losses or damages caused to ships, cargo, and terminals. Simply, it is an insurance cover while in transit. Comprehensive marine insurance curtails shippers’ exposure […]
What are the different Types of Marine Policy Available in India?
Based on specific requirements of the industry, the marine insurance policy is standardized under the following categories: Cargo Insurance: Exclusively cargo insurance covers the cargo on the ship. It also covers the risk of damage to objects owned by the voyagers of the ship. Time Policy: This is marine insurance cover for a limited period. […]