The shipping and transport business involves a huge amount of risk. Even with all the risk control measures, unexpected events can still take place putting businesses under financial stress. Being exposed to the risk of various man-made and natural disasters, marine insurance has become a necessity for businesses involved in the trade. Specific marine insurance policy or marine cargo insurance policy provides financial protection to the businesses against the loss or damage caused to cargo in transit by various marine perils. However, selecting the right marine insurance policy is extremely crucial to reap the benefits of the policy, whenever needed.
How to select the marine insurance policy?
When you buy marine insurance policy, it is important to go for the right type of coverage customized to your requirement. Here are a few tips to select the marine insurance policy:
Tips to buy marine insurance policy
- Look for the right category
There are various types of marine insurance coverage available such as cargo insurance, marine liability insurance, and hull insurance, etc. You can customize the coverage depending on the requirement of your business. Choose the right category of coverage you need and customize.
- Shop around
There are various marine insurance providers in India. To get the best one at a cost-effective price, it is important to do comparison shopping. You can shop for marine insurance online on Securenow. You can provide your business details and coverage required to get various marine insurance quotes. You can also compare the marine insurance policies based on benefits and features offered by various marine insurance providers. By shopping for marine insurance online, you can make a rational decision after a cost-benefit analysis.
- Cost of insurance
Along with getting comprehensive coverage to avail adequate financial protection, it is also important to consider the cost of marine insurance while buying. When you shop for marine insurance online, you can avail yourself of marine insurance quotes from various marine insurance providers. By comparing the benefits and cost of various marine policies, you can avail the right coverage at a better price.
- Consider the exclusions
Most of the marine insurance policies offer extensive coverage for a wide range of marine perils. However, it is important to go through the policy documents to understand the terms and conditions, major exclusions of the policy to avoid any hassle at the time of claim settlement.
How to buy marine insurance online?
Buying marine insurance is an easy and simple process on Securenow platform. All you have to do is logon to Securenow and submit your basic details to get the marine insurance quotes from various insurance providers. Here is a simple process to follow for buying marine insurance:
- Choose the marine insurance cover
- Select the right insurance company
- Fill in the marine declaration form along with other relevant documents
- The insurer will assess the risk and calculate the premium
- Pay the premium
- Receive the cover note and marine policy document
Following are the documents that are needed for buying marine insurance
Along with the proposal form, you need to submit the marine declaration form carrying the following details:
- Name of the policyholder
- Items to be shipped
- Value of goods
- The risk involved in the business
- Name of the vessel carrying cargo, destination, etc.
Based on these details provided to the insurers, the risk assessment will be done. Choosing the right cover keeps your business protected during unexpected events.