Who can buy Marine Insurance?

The Marine Insurance policy can be taken by buyers, sellers, import/export merchants, contractors, banks—or anyone engaged in the import and export of goods or transportation of it within the country. There are different types of policies that are included in this policy like the marine hull insurance which is beneficial for ship owners. Cargo insurance […]

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What is covered under Marine Cargo Insurance?

The Marine Insurance policy covers the occurred loss or damage to property caused due to: Natural disasters like cyclone, earthquake, lightning, etc. Man-made disasters like theft, violence, and piracy of ships Collision, overturning or derailment of land conveyance Sinking or stranding of ships Expenses such as survey fees, forwarding costs, and reconditioning costs The Marine […]

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What is not covered Under Marine Insurance?

Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to wilful act of negligence and misconduct Loss or damage due to delay Loss or damage due to improper packing Financial default or insolvency of owners, charterers, managers, or operators of the vessel Loss or damage due to wire, strike, riot, […]

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How to file a claim under Marine Insurance?

Transport of cargo by ships involves a lot of risks. However, there is the provision for sea traders to buy a suitable marine insurance. A marine insurance policy will help buyers to safeguard themselves against all possible risks. Marine insurance covers a wide range of situations be it theft of cargo in transit, pilferage, damage […]

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What are the factors that decide premium of Marine Insurance policies?

Marine insurance premium cost increases or decreases in accordance with the estimates made by the insurance company. The premium is estimated on the basis of the following parameters: The nature of the goods The value of the goods The inherent risks that your products may possess The route, construction, and type of vessel The destination […]

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5 Clauses an Exporter Should Consider while Buying Marine Insurance

It is highly likely that the concept of insurance started with marine insurance; and still is an essential part of export houses and other businesses today involved in transport of goods. The insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held […]

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What are marine protection and indemnity insurance?

Marine protection and indemnity insurance (P&I) liability insurance are designed for addressing the needs associated with the marine industry. This insurance helps in providing cover against all maritime risks that can be associated with vessel operation, third-party damages that can be caused to cargo or risks associated with environmental damages such as pollution, war, oil […]

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Why is marine insurance necessary?

Marine insurance is needed when the risks are associated with marine activities. These marine activities can include transportation by oceans and waterways or other means and mediums, building or maintaining water-going vessels, ships or submarines, etc.  Some of the major reasons which make the purchase of marine insurance necessary.   a. The occurrence of natural […]

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How is marine insurance premium calculated?

Marine insurance premium either increases or decreases based on the risk estimates made by the insurance provider. The major parameters which are involved in the determination of marine insurance premium are listed below.   a. Natural forces Natural forces or natural calamities like floods, high tides, etc. are permanent and unchanging. However, some are seasonal […]

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