What are the Various Kinds of Marine Losses?

It is possible to divide marine losses under the following head- Total Loss= It can be further segmented into the below categories: Actual Total Loss- It happens when- Goods are completely damaged Goods are damaged beyond repairing Policyholder is deprived of the insured subject Ship is missing, and there is no trace of it In […]

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What are the Perils of the Sea in Marine Insurance?

Here, perils of the sea in marine insurance include extraordinary forces of nature which maritime ventures might need to face during the voyage. Broadly speaking, ‘peril of the sea’ is defined to cover everything that happens to ship during the voyage by the Acts of God. It means perils of the sea include those accidents […]

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What is Deviation Clause in Marine Insurance?

Deviation in marine insurance happens when the ship intentionally changes its route or remains in port without cause, here, the new route or delay of the ship would be called deviation. Unless the marine insurance states otherwise, there is a breach of the insurance contract by the party which is responsible for the deviation. As […]

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What is the Scope of Marine Insurance?

A marine insurance policy plays an imperative role by covering you against various losses or damages which may arise due to different kinds of perils like- Man-made calamities like theft, piracy, etc. Natural calamities like earthquake, cyclone, lightning, etc. In various cases, a marine insurance policy also covers expenses, like forwarding costs, reconditioning costs, survey […]

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Does marine insurance cover storage at intermediate locations or the port or at the final destination?

Most of the time, the policyholder approaches the marine insurance company to get storage cover at different storage places along with marine transit policy. Usually, such storages are done at transit sheds, port warehouses, railway platforms, etc. A standard marine insurance policy covers movements of goods during the “ordinary course of transit”, and the policy […]

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