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What is marine insurance ?
What are the Types of Marine Insurance Policies?
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:
Why is Marine Insurance Policy Important?
Following are some major points that highlight the importance of a marine insurance policy:
What are the Important Features of Marine Insurance Policy?
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|
|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||✓||✓|
|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?
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