Shipping is an important aspect of businesses involved in trade or export. Likewise, transporting goods, domestic or international, involves a wide range of risks and perils. Availing of the right marine insurance policy is an essential requirement for businesses to have financial security against these marine perils. There are various marine insurance companies in India offering customized marine insurance policies in India. You can choose the right insurer depending on your need and suitability. Let us know who can buy a specific Marine Insurance Policy.
Brief about the marine insurance companies in India
In India, there are various financial institutions and major banks offering a marine insurance policy. Let’s know a brief about some of the top marine insurers in India.
HDFC ERGO General Insurance Company
HDFC ERGO is a joint venture between HDFC Ltd., India’s largest mortgage lender, and ERGO International AG, a Germany-based insurer. The lender offers a wide range of general insurance solutions including marine insurance for the last 18 years.
ICICI Lombard General Insurance Company
Founded in the year 2001, ICICI Lombard is a leading private sector general insurer in India that offers a wide array of products including marine export transit insurance.
New India Assurance Co. Ltd
New India Assurance is a public sector multinational general insurance company in India. It offers customized marine insurance solutions and other general insurance products since 1919.
Tata AIG General Insurance Company
Tata AIG is a joint venture between Tata Group and AIG. It has been offering customized general insurance solutions, including a variety of marine insurance policies since 2001.
Bharti AXA General Insurance Company
Founded in the year 2008, Bharti AXA has its presence all over the country to offer customized marine insurance solutions. Apart from marine insurance, it also offers other general insurance products.
United India Assurance Company Ltd
Founded in the year 1938, the United India Assurance Company is at the forefront to offer a variety of general insurance solutions including marine insurance.
Royal Sundaram General Insurance Company
Royal Sundaram is one of the leading private general insurers that offers multiple general insurance solutions, including customized marine policies since 2001.
Tips to choose the right marine insurer for you
Selecting the right insurance company is important. Hence, here are a few tips to choose the right marine insurer for you:
Understand your need
There are various types of marine insurance coverage available. It is important to understand and evaluate your insurance needs to avail the right type of coverage before you choose the insurance company. Accordingly, look for features offered by various insurance companies for the coverage you need and customize it.
Claim settlement process
The basis on which claim settlement or loss settlement is done by the insurance company matters the most. Further, there are settlements based on ‘agreed value’ and based on ‘actual cash’. Hence, consider the claim process followed by the insurance company before deciding to go with a particular insurance firm.
Incurred claim ratio
Also, consider the incurred claim ratio or the proportion of claims paid against the premium collection during the year. Insurance companies with high incurred claim ratios can be good to consider because it shows how smooth the claim settlement process is.
Comparison of shopping
One of the best ways to select an insurance company is by shopping around. Therefore, on Securenow platform you can compare the benefits and costs of marine insurance policies offered by various insurance companies side by side. This helps you make an informed choice.
Securenow is an experienced intermediary that can help you with making the right choice of an insurance policy. Thus, helps to buy a specific Marine insurance policy as well