It is possible to divide marine losses under the following head- Total Loss= It can be further segmented into the below categories: Actual Total Loss- It happens when- Goods damages completely Goods damaged beyond repairing The policyholder is deprived of the insured subject The ship is missing, and there is no trace of it In […]
What is Inland Transit Clause A in marine insurance?
When navigating the intricacies of marine insurance, it is crucial to understand what is Inland Transit Clause A in marine insurance. Let’s delve into what’s an Inland Transit Clause A in marine insurance and how it safeguards goods during their overland transportation. Inland Transit Clause A is a crucial component of marine cargo insurance, safeguarding […]
What is Open cover in marine insurance?
The open cover is a category of marine insurance policy in which the insurance provider will provide coverage for the cargo shipped during a specific policy period. The open cover is most commonly procured by those companies which make very frequent shipments. This policy can act as a blanket cover for businesses. Thus helping them […]
What is per bottom limit in marine insurance?
Overview “Per Bottom Limit in Marine Insurance”—also known as limit per sending, conveyance limit, or bottom limit—defines the maximum amount an insurer will pay for loss or damage occurring to cargo aboard a single vessel or conveyance in one incident. This limit helps insurers manage risk across multiple shipments and maintain financial stability under open […]
Dfferentiate between an open cover and an open policy
Marine Insurance Policy Categories The open cover is a category of marine insurance policy in which the insurance provider is ready to provide cover for all the cargoes which are being shipped during the policy term whereas an open marine insurance policy will provide cover for an indefinite number of requirements arising in the future. […]
Can a Customs Duty cover be bought along with an Open Cover policy under export/import insurance?
Export and import insurance policies protect businesses and cover them against various risks. Open Cover policy helps business owners to secure themselves against a variety of perils involved in export and import transactions. Export and import insurance has various types of policies for different users. You can buy a customs duty cover along with an […]