DON’T BE AFRAID OF OCEAN WHEN YOU HAVE MARINE INSURANCE

Marine Insurance

Marine insurance is where the idea of insurance originated. Marine insurance is one of the oldest types of insurance, dating back centuries. Later, as trade and business increased over time, it underwent significant development. The majority of international trades that entail moving products from one location to another via ships are covered by marine insurance. Because the oceans are so unpredictable, there is always a great deal of danger involved in these cargo transshipments. Therefore, it is crucial to get marine insurance to protect your goods from unforeseen uncertainties and marine perils. Furthermore, it is essential to get marine insurance for protection against any loss or damage to the goods and cargo that the ship is transporting.

In the event that cargo or items are damaged or lost while being transported by truck, car, ship, vessel, courier, etc., marine insurance offers financial protection against damage or loss to cargo or goods. A marine insurance policy provides coverage against a variety of risks that cargo, ship owners, terminal handlers, and other middlemen in the logistics and transportation industries are exposed to or may encounter.

Anyone can have marine insurance in order to protect their goods or cargo from various ocean perils during transit if he or she has an insurable interest in the cargo or goods in transit. Whether you own a ship or boat, marine insurance will shield you from any marine-related dangers.

Operations of Marine Cargo Insurance:

The operation of a marine insurance policy is very simple. The risk of any loss or damage is transferred to the insurance company upon the purchase of this policy. If a loss occurs, the insured must notify the insurance company, which will then designate a surveyor to ascertain the cost and admissibility of the damage. Therefore, having a marine cargo insurance policy gives you peace of mind because you know you have a safety net in case your cargo is damaged while in transit.

The following things are covered in the marine insurance policy:

  • Covers cargo damages or non-delivery due to collisions, piracy, or other perils.
  • Offers coverage against the risk of cargo damage brought on by stranding, sinking, fire, explosion, or misplacement.
  • Offers compensation for financial loss or damage incurred due to overturning, collision, or derailment.
  • Provide coverage for the total loss or damage of the package during loading or unloading due to mishandling.

Exclusions in a marine insurance policy:

Marine insurance, like any other insurance policy, has several exclusions where no compensation is given:

  • Intentional loss or damage
  • Inappropriate packaging
  • Damage suffered due to insolvency

It should be noted that the clauses may vary across insurers; therefore, it is crucial to read the small print before purchasing the policy to understand the exclusions.


A SHIP IN A HARBOUR IS SAFE, BUT THAT’S NOT WHAT SHIPS ARE FOR.

LET YOUR SHIP SAIL THROUGH THE OCEAN WITHOUT ANY WORRY.

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