Individuals and businesses engaged in trade are exposed to numerous risks, including cargo theft, damage, accidents, and natural calamities during transit. These unexpected risks can cause significant financial losses and disrupt the supply chain. Marine insurance is crucial in safeguarding cargo, vessels, and other maritime assets from these potential risks. Marine insurance has a long […]
Articles Tagged: Marine Insurance
Marine Insurance vs. Freight Insurance: What’s the Difference?
Marine and freight insurance are essential for shipping, logistics, and transportation businesses. Global trade and shipping of goods expose businesses to various risks and unpredictable conditions. Having adequate insurance ensures protection against financial losses, improves cash flow, and helps businesses comply with contractual requirements and trade regulations. However, businesses need to understand the difference between […]
Marine Insurance Trends in India: What to Expect in 2025
India’s economic growth is being significantly driven by digitalisation and technological advancements across all sectors, including insurance. Marine insurance—one of the oldest forms of insurance—is also transforming customer behaviour, preferences, and demands. With Indian businesses increasingly expanding their global footprint, marine insurance has become more essential than ever. The insurance industry in India is evolving […]
What is Offshore/Energy insurance?
Energy insurance is a type of insurance that helps protect against potential financial losses and liabilities associated with working in the energy industry. This can include coverage for property damage, personal injury, environmental contamination, and other things. Introduction The 2005 hurricane season was particularly devastating for the offshore energy sector in the Gulf of Mexico. […]
Principles of Ratemaking in Marine Cargo Insurance
Marine insurance policy grants protection against the loss or damage of cargo, ships and terminals between the point of origin and to destination. Individual insurance accounts are important for setting marine insurance rates. The underwriter’s judgment and personal evaluation are very important in setting these rates. There are various factors that influence the risks. Here […]
How is CIF (Cost Insurance Freight) beneficial to the seller?
International shipping involves huge risks such as natural disasters, cargo loss, piracy, human error, etc. It is crucial for shipping businesses to avail of good marine insurance to safeguard their shipment financially against such named and unnamed perils in the shipping process. There are many export incoterms used as per the rules of the International Chamber […]
What Does Shipping Insurance Cover?
Though goods and cargo shipped via land, air or sea are generally reliable, packages still get lost and damaged. Thus, this insurance is required to protect against loss, damage or theft during transportation. But, what is the meaning of shipping insurance and what does it cover? You’ll find all these answers in this blog post. […]
What is Barratry in Marine Insurance, Maritime Law & Regulations Governing It
Barratry is the legal term describing severe or willful misconduct by the captain or crew of the ship that would include loss or damage to the ship or cargo. Marine insurance plays a crucial role in protecting you against the risk of damage or loss to the cargo or ships by which the goods are transferred, […]
What is Warehouse-to-Warehouse Insurance?
When you are involved in the business of exporting or importing goods from multiple countries. You know the financial implications of losing the cargo in transit due to any reason whatsoever. In the worst-case scenario, loss of goods because of theft, an overturning of the cargo vessel, etc. can even lead a company to dissolution, […]
The Specific Cyber-Security Risks Present in Modern Marine Insurance and Protection Against Them
Today the marine industry sector is progressively susceptible to digitalization, operational integration and automation. Given that approximately 90% of the traded goods are transported by the international shipping industry, the safety of shipping vessels is critical to the global economy. In this digital era, the increased importance of IT infrastructure and electronics leads to the […]