Sales turnover policy (STOP) is a highly evolved marine insurance cover. Thus, it is suitable for industries where multiple internal transits require to produce/manufacture the final product for sale. Instead of covering a particular type of transit, this policy covers all internal transits including : 1. Domestic purchase of raw material and consumables 2. Imports […]
The Franchise Clause applies the minimum amount of claim acceptable by the insurer. Generally, insurers decide the franchise limit based on the type of insurance and feasibility of recovering the loss from the erring party. Following reasons justify the use of franchise clause: Insurer will try to recover/salvage the loss Cost of recovery/salvage should be […]
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 […]
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 […]
Choosing the right marine insurance policy for your export and import business in India requires marine insurance for all the right reasons. Get to know them here.
In the case of a marine transit insurance contract, the terms of the sales contract are what will affect and who will get compensated. The main parties to a sales contract are a seller and a buyer. Others associated with the sales contract are bankers, carriers, and clearing agents among others. It is the seller […]
Published in Mint on Wednesday, July 31st, 2013, written by Kapil Mehta I work in India right now and have a medical policy provided by my employer which covers my family including my child, wife and myself. I will soon be going to the UK for a research internship along with my family. I am […]
Business dynamics always have to deal with uncertainties, and the expansion of trade and commerce give rise to various risks which are associated with the transportation of goods. Therefore, it is crucial to have a viable risk management practice in place if the company is eyeing for the business expansion. Designed to offer coverage against […]
Oceans connect continents in the world and thus, they give many opportunities for the transportation of goods as well. However, while sea transport entails many benefits, various hazards go with it as well. Let’s have a look at the risks that are associated with transporting goods via water. Weather Hazards Certain risks in transporting goods […]
How does commercial marine insurance respond to the increasing risks involved in goods transportation through water?
A commercial marine insurance plays an active role in safeguarding business from various risks which may arise during transportation of goods through the water. There are various benefits which one can enjoy after buying the policy, let’s have a look at them= It facilities international trade= As there has been an increase in the volume […]