The history of marine insurance dates back to ancient trading days. Being the oldest insurance, the marine insurance policy provides protection to businesses in the trading and shipping industry against various named and unnamed marine risks. Unique and broad risks threaten these businesses, with unforeseen events having potentially devastating financial consequences. Hence, it is important to secure the business with a customised marine insurance policy.
What is marine insurance?
Marine insurance is insurance that provides coverage against the loss or damage caused to the cargo or the merchandise while in transit. Marine insurance provides security to your shipment against a variety of perils such as fire, lightning, explosion, theft, piracy, and natural disasters like hurricanes, cyclones, storms, collisions, and sinking of ships, etc. There are many types of marine insurance policies available such as marine cargo insurance, hull insurance, freight insurance, goods insurance, etc. You can choose the marine insurance policy as per the need of your business or can customise the coverage as per the nature of the goods, inherent risks related to the product, type of vessel, route, destination, and various other factors. With the digitalisation of the insurance sector, you can avail the marine insurance policies online too! Availing the marine insurance policies with an extensive coverage is a cost-efficient option.
Customize online marine insurance to match your business’s nature and industry-specific risks. Shipping bulk goods necessitates comprehensive coverage, including extra liability protection, for businesses. While crafting online cargo insurance coverage, you can ensure to include umbrella coverage to protect your business and assets from significant lawsuits and claims.
What is umbrella coverage in marine insurance?
Umbrella insurance refers to extra liability insurance coverage. Availing of the umbrella cover helps your business get marine insurance with extensive coverage. Basically, umbrella liability cover in marine insurance provides protection against the losses or damages caused to cargo while in transit and in the custody of logistic companies, warehouses, cargo handlers, container terminals, etc. Umbrella insurance coverage in general, provides coverage for the following risks:
- Injuries
- Loss or damage to property
- Significant lawsuits
- Advertising Injuries
- Personal liability cover
Umbrella insurance serves as a foolproof solution when your original online cargo insurance limit is exhausted. It saves the business from financial consequences by widening the cargo insurance coverage that you buy online. However, it is also important to note that umbrella cover in online marine insurance provides protection against certain risks that are not even covered in the basic marine insurance policy, such as coverage for false imprisonment, slander, libel, etc.
Who can benefit from marine umbrella coverage?
Umbrella coverage in marine insurance is comprehensive in nature that provides protection against various liabilities related to the shipping and logistics business. The umbrella coverage availed under online marine insurance can benefit the following:
- Ship operators
- Warehouse operators
- Freight forwarders, transport operators
- Broker services and ship agents in the shipping business
- Port authorities
- Terminal operators, etc.
To protect costly goods, it is important to have extensive marine cargo insurance. Businesses that engage in trading, import, and export activities are exposed to a wide array of risks and liabilities. Having extra liability coverage helps the business to avoid financial consequences during an unforeseen event. Thoroughly assess key aspects, compare online marine policies, and select the ideal coverage for complete business protection.
