The principles of marine insurance policy revolve around providing protection against risks associated with maritime activities. The policy covers various risks such as damage to cargo, loss of vessel, and liability towards third parties. Financial security is provided by the policy to the owner or operator of the vessel, cargo owners, and other stakeholders. The […]
Articles Tagged: Marine Insurance
What is Running Down Clause in Marine Insurance?
Overview The Running Clause, also referred to as the Running Down Clause (RDC) in marine insurance, is a key policy provision that extends liability coverage beyond hull damage to include third-party loss in cases of vessel collision. Under standard hull policies, damage to another ship or its cargo caused by the insured vessel is covered—typically […]
How can an Insured File A Claim Under Export/Import Insurance Policy?
The terms, procedures, formalities, and documentation form a critical part while filing a claim for an export/import insurance policy. The following procedure should be followed in the event of a loss: Intimate the Insurance Company about the Loss To file the claim under export and import insurance, the first step is to notify either of […]
Logistics Business And Marine Insurance – A Match Made in Heaven
Marine transit insurance is like a haven for logistics business providers and offers several advantages to them all. Know more here.
Application of Indemnity in Marine Insurance Policies
Insurance policies, except for life and personal accidents, are subject to the principle of indemnity. Marine insurance policies are also contracts of indemnity. The principle of signing the contract in utmost good faith is an important application of indemnity in Marine Insurance Policies. Why do only narrow definitions of indemnity apply to Insurance? As per […]
What is Insurable Interest in The Marine Policies?
The insurable interest in Marine policies means that policyholders must have a financial stake in the vessel, cargo, or other insured property. Insurable interest in marine insurance can arise in a number of ways. For example, the ship owner has insurable interest in its safe transportation and arrival. Cargo owner has insurable interest in safe […]
What is Inland Transit Coverage in Marine Insurance?
In Marine Insurance, Inland Transit Coverage stands as a protective bulwark for goods navigating overland routes. This active insurance component shields shipments against a spectrum of risks, encompassing damages and losses during transportation. As cargo traverses roads and railways, this coverage ensures comprehensive protection. Clauses within Inland Transit Coverage meticulously address diverse perils, from collisions […]
3 Reasons You Need a Marine Hull Insurance Policy Before Exporting the Next Consignment via Water
So here you are—ready to export your consignment via water. While you are taking all the necessary steps to ensure the safe transit of goods, have you bought a marine hull insurance policy? Marine hull insurance is an essential insurance policy that covers the insured vessel or fleet against various types of losses or damages […]
Are There any Exclusions in Marine Insurance Policy?
Marine Insurance Policy is one of the most useful covers offered by insurers to insure the businesses exporting/importing and transporting goods. It is a comprehensive policy that includes several covers depending on the type of transit undertaken. The policy is available in a customized format and covers all kinds of legal exports and imports of […]
What is the Meaning of Free on Board in Marine Insurance Policies?
Overview Freeboard in marine insurance refers to the vertical distance between the waterline and the upper deck of a vessel. It acts as a critical safety margin that ensures the ship remains buoyant, stable, and within insured limits. Why Free Board Matters: Safety Indicator: Less freeboard means a higher risk of water ingress during rough […]