The oil and gas industry is highly diverse, with numerous subsets requiring specialised insurance coverage. As a result, insurance for oil and gas professionals and businesses can be complex. In addition to standard policies that most businesses use for protection, oil and gas companies require tailored insurance policies to cover specific equipment and services. These […]
Articles Tagged: Marine Insurance
Difference Between Marine Insurance and Shipping Insurance
Transporting an object from one place to another always carries a degree of risk. Before accepting this responsibility, it is important to carefully consider the end-to-end delivery process and the parties involved. Financial protection is an utmost necessity for businesses involved in the trade and shipping industry by availing insurance coverage suitable for the business, […]
How do you differentiate between express and implied warranty under marine insurance?
A warranty in an insurance policy is a statement of the promise made by the insured to either perform or abstain from certain actions during the policy’s duration. The policyholder affirms or denies specific facts related to the policy. There are two types of Warranties in marine insurance: Express and Implied warranties. This article lets […]
Benefits of Online Marine Insurance
Marine insurance is essential for businesses that transport goods by sea and other various means of transport. Further, there are multiple benefits of Online Marine Insurance in today digital age. It offers protection against financial losses caused by accidents, natural disasters, or malpractice during the journey of the shipment. It also covers loss due to […]
What is salvage value, and how is salvage loss calculated in marine insurance?
Marine insurance is crucial for businesses involved in the trade. A marine insurance policy provides financial protection against the physical loss or damage to the insured cargo, ship or vessel while transporting the property. Marine insurance provides coverage against various marine losses. Though you can get comprehensive financial protection against various marine risks, it is […]
What are the 3 types of implied warranties in marine insurance?
Marine insurance is a form of insurance that has been in existence since the ancient times of trade. The marine insurance policy provides coverage against various named and unnamed perils that cause loss or damage to the cargo, ship, or vessel during the transport of the property insured. Warranty is one of the important features […]
What are innominate terms or express warranty in marine insurance?
Marine insurance is a contract between the insurance company and the insured. In a marine insurance contract, the insurance company agrees to compensate the insured. They do so based on the agreement made between them for the damage or loss to the subject matter insured during the shipment. The scope of cover in the marine […]
Cost advantage analysis of three main categories of Institute Cargo Clauses (ICC): A, B, and C
Marine insurance plays a vital role in international and domestic trade. A customised marine insurance policy provides complete protection against all the named and unnamed perils related to the shipping business. Marine insurance provides financial protection against the loss or damage caused to the ship, cargo, and terminal by which property is acquired, held, and […]
What is a special cargo insurance policy in Marine insurance?
An adage, ‘’Prevention is better than cure,’’ holds good for businesses involved in shipping. Cargo shipping poses risks like theft, damage, and human error, necessitating coverage for natural disasters and mechanical failures. With advanced technologies and new developments in international trade, the risk to cargo shipping has increased. The shipping industry is growing with the […]
How to ensure umbrella coverage in online marine Insurance?
The history of marine insurance dates back to ancient trading days. Being the oldest insurance, the marine insurance policy provides protection to businesses in the trading and shipping industry against various named and unnamed marine risks. Unique and broad risks threaten these businesses, with unforeseen events having potentially devastating financial consequences. Hence, it is important […]