Why is Marine Insurance important?

Insurance is an important protection for any business activity. Marine insurance is the oldest form of insurance that is essential to boost trade which ultimately leads to economic growth. Any business that is engaged in trade including the import and export of goods is exposed to a variety of risks that can result in loss […]

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What is the difference between marine and cargo insurance?

Trade is an integral part of any economy. A business involved in trade needs insurance protection against various risks associated with the transport of goods or their shipment from one place to another. It is broadly known as marine insurance. Marine insurance is a wide concept available to buyers through various subtypes depending on the […]

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How does marine cargo insurance work?

Marine cargo insurance is a category of property insurance which provides protection to a property which is in transit. The losses to the property in transit can incur due to certain perils that are associated with transport by sea, by air or inland waterways.  In marine cargo insurance, coverage is provided to the goods and […]

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For what Duration Inland Transit Insurance Clauses apply?

Here are guidelines which are attached with the duration of the marine inland transit insurance clause – Clause (A) and (B) The insurance becomes valid from the time the goods leave the warehouse or place of storage as mentioned in the inland transit insurance policy document, and it is terminated either: On the successful delivery […]

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What are the Perils of the Sea in Marine Insurance?

Perils of the sea in marine insurance include extraordinary forces of nature faced by maritime ventures during the voyage. Broadly speaking, ‘peril of the sea’ covers damages to ship during the voyage by the Acts of God. It includes those accidents or casualties which do not happen due to the free will of a human […]

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What is Deviation Clause in Marine Insurance?

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

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What are the Various Clauses of Marine Insurance Policies?

There are various clauses covered under the marine insurance policy. Valuation Clause Here the value of the subject is the value as decided between both parties. In case of any loss or damage, the compensation amount would not exceed the amount as stated in the marine insurance policy. Case: K.S Shipping is planning to buy […]

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What is Particular Average Clause in Marine Cargo Insurance?

A particular average clause refers to the particular loss or damage caused to cargo due to a particular peril. The person affected by the damage to the cargo bears the loss. Thus, in any situation, it is not possible to shift the burden of loss to others involved in the shipment. In other words, the […]

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What is the Scope of Marine Insurance?

Comprehensive marine insurance ensures the security of vessel operatives. Furthermore, it also ensures that there is a minimum liability in case of any loss or damage to the cargo in transit. So what really is the Scope of Marine Insurance? Usually, people assume that marine insurance covers only sea transit. However, in reality, a marine […]

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