Explain Sales Turnover Policy and its various advantages

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 […]

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What are the important features of Specific Marine insurance?

Marine insurance is an important requirement for the smooth functioning of businesses involved in the shipping of goods. This insurance reassures their customers about having cover against damage or loss due to various marine risks. In this article, we will get to know about important features of Marine / Specific Marine Insurance. Marine insurance provides […]

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How do I buy a Specific Marine policy?

The shipping and transport business involves a huge amount of risk. Even with all the risk control measures, unexpected events can still take place, thus putting businesses under financial stress. Being exposed to the risk of various man-made and natural disasters, marine insurance has become quite* a necessity for businesses involved in the trade. Specific […]

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What is Franchise Clause in Insurance and How Does It Work?

The Franchise Clause in Insurance 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. The following reasons justify the use of the franchise clause in Insurance : The insurer will try to […]

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What is not covered Under Marine Insurance?

In this article, we will learn about what is not covered under marine insurance. Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to willful act of negligence and misconduct Any loss or damage due to delay Loss or damage due to improper packing Financial default or insolvency of owners, […]

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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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Insurance purchased in India won’t provide you cover abroad

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 […]

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