Marine protection and indemnity insurance (P&I) liability insurance are designed for addressing the needs associated with the marine industry. This insurance provides cover against all maritime risks associated with vessel operation, and third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In […]
Articles Tagged: Marine hull insurance
What is a constructive total loss in hull marine insurance policy?
A constructive total loss in the Hull Marine Insurance policy means that the cost of repair of a damaged ship/vessel is more than the value of the ship/vessel. In a constructive total loss, the insured vessel is abandoned as its actual total loss appears to be unavoidable. Retrieving the ship from the place where it […]
Why do You Need Marine Insurance Policy?
Insurance is needed to maintain the financial integrity of your life and business. Hence, we need a marine insurance policy. Marine insurance, by this definition, will be needed if the risks you seek cover from are related to marine activities, such as: Transportation through oceans and waterways The building, maintaining or operating of water-going vessels, […]
Everything You Should Know About Marine Insurance
Marine insurance policy plays a very important role in safeguarding business interests of import export firms. See the infographic to know the type of covers available for different trade activities, the perils that such insurance will cover and not cover, and the add on perils that you can buy by paying an extra premium for […]