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Marine Insurance you can trust
What is marine insurance ?
What are the Types of Marine Insurance Policies?
Hull
protection
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Cargo
insurance
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Freight
insurance
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Indemnity
and
protection
insurance
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War
risk
insurance
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Liability
insurance
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Duty
insurance
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What are the Types of Plans under Marine Insurance Policy
Open marine insurance policy
Features of Open Policy-Inland
Features of Open Cover - Import and Export
Specific marine insurance policy
Features of Specific Policy
Why is Marine Insurance Important?
Marine insurance is crucial for a number of reasons, such as:
Marine insurance covers damages or damages to vessels, freight, and other maritime risks, helping to reduce financial damage that would otherwise have to be incurred by the insured.
The maritime sector is exposed to a variety of dangers, including piracy, weather-related damage, and collisions with other vessels. For people working in the business, marine insurance may assist control these hazards and give them peace of mind.
Maritime insurance can assist in facilitating international trade by giving buyers and sellers the confidence that their commodities will be covered during transit. This can help lower trade barriers and boost economic growth.
Why is Marine Insurance Policy Important?
Following are some major points that highlight the importance of a marine insurance policy:
Marine insurance policies offer protection against monetary losses that may result from damage to the ship or its cargo, liability lawsuits, or lost wages as a result of delays or other problems. Without insurance, these losses may be sizable and might even jeopardize the company's capacity to make money.
A marine insurance policy aids companies in controlling and reducing the risks involved in marine operations. Businesses can minimize or reduce the chance of losses by recognizing and evaluating the risks, and insurance coverage offers a cushion in the event of unanticipated catastrophes.
Based on the kind of vessel, the cargo, and other considerations, marine insurance coverage can be customized to the unique needs of the business. This enables companies to properly control their insurance costs and acquire the right level of coverage.
In the case of a covered loss, a marine insurance policy offers financial assistance to companies to aid in their recovery and ability to continue operations. In order to help with the complaint process, the insurance provider can offer knowledge and resources, including determining the severity of the harm, setting up replacements or repairs, and expediting claim settlement.
What are the Important Features of Marine Insurance Policy?
Coverage
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Deductibles
and
Premium
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Value
and
appraisal
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Navigation limits
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Loss prevention and control
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Claims processing and settlement
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Risks included and excluded in a marine insurance policy
Risk coverage depends on the coverage clauses, but standard insurance policies will typically cover below risks or perils:
Coverage Description | All Risk | Basic Risk |
---|---|---|
Lightning | ✓ | ✓ |
Breakage of Bridges | ✓ | ✓ |
Collision with or by the carrying vehicle | ✓ | ✓ |
Overturning of carrying vehicle | ✓ | ✓ |
Derailment or accident or like to carrying vehicle/railway wagon | ✓ | ✓ |
Non delivery of entire consignment or packets | ✓ | ✓ |
Theft, Pilferage | ✓ | ✗ |
Fresh and Rain water damage | ✓ | ✗ |
Damage by hooks, nails, oil, mud, acids and other extraneous substances | ✓ | ✗ |
Any other risk not specifically excluded under the policy | ✓ | ✗ |
Excluded coverage, risks or perils not covered by an marine insurance policy:
To comprehend the precise risks that are included and excluded, it is crucial to carefully analyze the policy. Also, certain endorsements or provisions in policies may change the cover or exclusions. Acts of war, conflicts, or terrorism are not covered risks unless specifically covered by the policy
Standard Terms and Conditions Covering Marine Insurance Risk:
What are INCO Terms?
Frequently asked questions
Marine insurance, also known as maritime insurance, provides coverage for loss or damage to ships, cargo, and other marine-related risks during transit via various modes such as sea, air, rail, or road. It encompasses protection for hull and machinery damage, cargo loss, and liabilities arising from maritime activities.
A marine insurance policy usually includes coverage for hull protection, cargo insurance, liability, and various other marine-related risks. It offers financial protection against monetary losses resulting from damage to vessels, cargo, liability lawsuits, and other maritime perils.
An open marine insurance policy provides coverage for multiple shipments or deployments over a specified period, typically 12 months. It's suitable for businesses with regular dispatches and allows for periodic declarations of shipments. In contrast, a specific marine insurance policy covers a single transit only and requires comprehensive details of the particular voyage, including mode of transportation, cargo description, and coverage amount.
Marine insurance plays a vital role in facilitating international trade by providing confidence to buyers and sellers that their goods will be protected during transit. This assurance helps to lower trade barriers, mitigate risks associated with maritime activities, and foster economic growth by promoting smoother and more secure global commerce.
A marine insurance policy offers crucial benefits such as financial loss protection against damage to ships and cargo, effective risk management by controlling and minimising maritime risks, flexibility in customising coverage to suit business needs, and assistance in the event of accidents or covered losses, ensuring continuity of operations and efficient claim settlement processes.