Whether you ship containers occasionally or you have an import/export business that regularly deals with large quantities of goods over a long distance, marine cargo insurance is imperative for the smooth functioning of the business, which may expose you to various risks.
Catering to the needs of both importers and exporters, the marine cargo insurance coverage is extensive enough. When it comes to international shipments protection is provided to goods from the time they leave the seller’s warehouse until they reach the buyer’s warehouse.
While it is strongly advised to go with comprehensive marine cargo insurance, many people trim their insurance coverage just to save money.
Ways to reduce your marine cargo insurance premium rates without lowering the coverage –
1. Go for comparison shopping –
The market of marine cargo insurance abounds with options to choose from. There are various marine cargo insurance companies with different standards, so premium rates and coverage can vary to a great extent.
So, instead of picking the very first option that comes your way, it is essential to make a systematic comparison between available marine cargo insurance premium rates. And then choose the most appropriate one accordingly.
Read More: 7 reasons you need marine insurance for your next journey
Remember, a proper comparison can help in getting detailed knowledge about every insurance policy, you can choose the policy accordingly.
2. Yearly Vs. Per Shipment –
There are various marine cargo insurance policies that give you both annual and pre-shipment coverage. While per-shipment may be a great idea for a person who ships infrequently, the yearly coverage is meant for those who ship their products on a regular basis.
Further, it provides you with a single point of contact and trims administrative expenses as well. Since you buy marine cargo insurance for a longer period in one shot, the marine insurer can reward you with discounts as well.
3. Risk Management –
Just because you have marine cargo insurance, it doesn’t mean you can act carelessly. The insurer will be happy to offer you discounts if you take concrete steps in reducing the risk. Some safety measures like learning how to ship safely, installing safety equipment in ships, etc.; can help in lowering premium rates. Many insurers will lower your marine insurance premium rates if you adhere to risk management training and protocols.
4. Deductible –
One way to lower your marine cargo insurance premium rate is by opting for a higher deductible limit. In insurance terminology, the deductible is the amount that you would pay from your pocket at the time of claim.
Almost every marine cargo insurance provider offers easy premium rates if the policyholder increases the deductible limit. A higher deductible means the policyholder will also bear the portion of the claim and therefore, it reduces the number of claims as well. It means, that by increasing your deductible limit, you agree to settle a portion of the claim from your pocket and the insurer will happily trim your premium rates.
5. Be active in trade or professional organizations –
There are some trade or professional organizations which are offering marine cargo insurance to their members through an affiliation with an insurance company in India. As it is group insurance, it will be cheaper than the insurance policy you purchase on your own. If you weren’t able to buy marine cargo insurance, you can learn more about different ways to cut premium rates.
Read More: 7 Reasons to Buy a Marine Insurance Policy if You are a Shipper
How can SecureNow help you to buy the right cargo insurance policy?
To find the right marine cargo insurance at the best rate, you need an expert who has years of experience, and here comes the role of SecureNow. A leading corporate insurance advisor, SecureNow has a wide network of insurance companies. Here you can buy marine cargo insurance, transit insurance or an export and import insurance policy of your choice at good rates after systematic comparison.
Further, if you need any assistance at the time of a claim settlement, you can approach SecureNow whose experts will deal with all your insurance queries.
Indeed, by buying the right marine cargo insurance policy from SecureNow, you can save both your time and money.
About The Author
Simran
MBA Insurance and Risk
With extensive experience in the insurance industry, Simran is a seasoned writer specializing in articles on marine insurance for SecureNow. Drawing from 5 years of expertise in the field, she possesses a comprehensive understanding of the complexities and nuances of marine insurance policies. Her articles offer valuable insights into various aspects of marine insurance, including cargo protection, hull insurance, and liability coverage for marine-related risks. Renowned for their insightful analysis and informative content, Simran is committed to providing readers with actionable information that helps them navigate the intricacies of marine insurance with confidence.
