Commercial marine insurance plays an active role in safeguarding businesses from various risks which may arise during the transportation of goods through the water. Various benefits that one can enjoy after buying a commercial marine insurance policy: 1. It facilities international trade As there has been an increase in the volume of trade through water, […]
Articles Tagged: Marine Insurance
5 Questions to Ask Before Buying Marine Insurance Policy in India
In today’s industrial age, the importance of marine insurance has increased more than ever before. Whether it is an inland transit or export to a far-flung area, a marine insurance policy ensures the complete safety of the consignment and protects it against both natural and man-made perils, like earthquakes, fire, piracy, theft, etc. While a […]
Buy health insurance and critical illness cover separately
Published in Mint on 29th April 2014, Written by Kapil Mehta I will be travelling by train from New Delhi to Kolkata to attend a cousin’s wedding. I will be carrying expensive jewellery. Can I insure it for the journey? —Karan Kapur The jewellery can be insured under marine or domestic travel insurance. However, there […]
What is Warranty in Marine Insurance Policy?
A marine insurance policy consists of several warranties. Marine Insurance covers the loss or damage of ships, cargo, or by any other means of transport, that’s transporting property. Therefore, it offers a warranty to an insured promise to do or not to do some particular thing. And so we must know what exactly a warranty […]
How to approach the Marine insurance company to file a claim?
Irrespective of the transport mode chosen, high risk prevails in transporting cargo from one place to the other. Yet, the good news is that marine insurance is there to protect against all sorts of dangers. Whether it is loss or damage to cargo in transit or pilferage loss. Marine insurance covers the inventory and in […]
What documents are required to file a claim under marine hull insurance policy?
A marine hull insurance policy provides protection to ship owners against loss or damage to ships or vessels and as well as, related financial losses. Therefore, to file a marine hull insurance policy claim, the insured needs to submit various documents to the insurance company. Documents required for Marine Hull Insurance and the Claim Process: […]
How to Choose the Right Inland Marine Transit Insurance as per Your Business Requirements?
The inland transit insurance offers coverage against loss or damage which may damage the insured goods, finished goods, and raw materials during transportation under the contract of affreightment. If you are looking for the right inland marine insurance policy, here are some tips that you can follow – Evaluate your needs – When it comes […]
What is Open Marine Insurance Policy?
As the name says, an open marine insurance policy covers an indefinite number of inland movement of consignments. This insurance policy remains open until cancelled or exhausted the sum insured, whichever comes first. Under an open marine insurance policy, declared successive shipments to the insurance company. And they automatically get covered under the open marine […]
What does ‘both to blame Collision clause mean in a marine insurance policy?
‘Both-to-blame’ Collision clause in Marine Insurance In an event of a collision, the company’s liabilities and risks are covered by the ocean marine insurance policy purchased by the company. A marine insurance policy provides protection against losses for ships. Such policies also cover the shipping industry in the event of damage to the ship’s hull […]
What are the types of marine insurance?
There are several types of marine insurance policies available to cover the various risks associated with marine transportation. These policies mainly include Hull Insurance, Machinery Insurance, Cargo Insurance, Freight Insurance, P&I Insurance, War Risk Insurance, Builders’ Risk Insurance, Offshore Energy Insurance: Hull and Machinery (H&M) Insurance are types of marine policy that together cover damage […]