What is Constructive Total Loss in Marine Cargo Insurance?

A constructive total loss in marine cargo insurance means that the cost of repair of a damaged item is more than the current value of the item. The insurer settles the insured the entire amount. Since the repairing cost exceeds the replacement or market value so the insurer settles the entire claim. Insurance companies often […]

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What is new Jason Clause in Marine Insurance Policies?

According to the marine insurance policies, the new Jason clause is included in most of the bill of ladings. To understand the meaning of the new Jason clause, it is important to understand how marine insurance works. What is marine insurance? A marine insurance policy is an agreement whereby the insurance company or the insurer […]

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Is it worth buying specific transit cargo insurance?

Yes, buying specific transit cargo insurance is worth it as it is a protection tool to cope up with damages to cargo during transit. If something goes wrong during a voyage, you can restore your financial stability with the right cargo insurance cover. Specific transit cargo is the best-fit insurance cover for those who send […]

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What is a constructive total loss in marine hull insurance policy?

A constructive total loss in the marine hull insurance policy means that the cost of repair of a damaged ship/vessel is more than the value of the ship/vessel. In a constructive total loss, the insured vessel is abandoned as its actual total loss appears to be unavoidable. Retrieving the ship from the place where it […]

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How does Warranty Work in Marine Insurance?

A warranty in Marine Insurance is an agreement between the insurance company and the insured. It implies an assurance by the insured party that the statements or facts that he presents as warranties are true.  The policyholder affirms or negates the existence of particular facts. Warranties are like statements according to which insured promises to […]

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Know About All the Clauses in A Marine Insurance

A marine insurance policy works wonders by covering you and your consignment against a myriad of perils like fire, earthquake, lightning, washing overboard, etc. The policy comes loaded with various clauses in Marine insurance, some are listed below: 1. Institute Cargo Clause A The clause covers all the risks of loss or damages to goods. […]

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What if the same goods are insured by multiple marine insurers?

A marine business can insure its goods with multiple marine insurers. However, the law dictates that you inform the second and consequent insurers about the previously taken insurance(s). Steps to take when insuring goods with multiple insurers A marine insurance buyer should inform secondary and consequent buyers about his earlier taken insurance policies. Even if […]

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What is Marine Insurance?

Marine insurance covers the losses or damage caused to ships, terminals. Or any mode of transport of cargo used to transfer, acquire, or hold goods. Between different points of origin and the final destination. The term may also apply to inland marine but usually using the context of ocean marine transportation. Marine insurance is important […]

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