Increased globalisation over the last few decades has made the world a smaller place. Today, there is a regular export of goods made in India to countries across the world and vice versa. With global online marketplaces, the import of foreign-made is the norm. Such import-export is only possible today because of the shipping industry. […]
Articles Tagged: Marine Insurance
Cargo versus Freight Insurance: What’s The Difference?
Customers often confuse the terms ‘freight’ and ‘cargo’ as they are used interchangeably. This confusion leads to questions about the difference between cargo insurance policy and freight insurance. Both insurance plans aim to protect goods during transportation from damage or loss. They cover goods transported internationally or domestically through various modes like sea, air, land, […]
Key Differences between Life, Marine and Fire Insurance
Life insurance, fire insurance, and marine insurance are three different types of insurance policies that provide protection against different types of risks. Life insurance is a contract between an insurer and the insured party that provides financial support to the insured party’s beneficiaries in the event of their death. The policyholder pays a premium to […]
What is the Marine Insurance Act of 1963?
One of the most crucial components of international commerce and trade is marine insurance. The transport of goods over water is especially dangerous as there are many dangers, from natural hazards and weather-related issues to cross-border issues and even piracy. Hence, at every stage of operations, marine insurance is a necessity and is subject to […]
What is the Blanket Insurance Policy ?
A Blanket Policy in Marine insurance is a type of insurance policy that provides coverage for a wide range of marine-related risks. It is typically used by businesses that are involved in shipping, transportation, and other activities that involve the use of ships, boats, or other watercraft. The marine blanket policy covers a variety of […]
Benefits of time marine insurance policy
Marine insurance is arguably one of the oldest types of insurance in the world. There is even evidence of marine insurance dating back as far as 1792–1750 BC of the First Babylonian Empire. The dangers and perils of sea transport are a well-known and established fact, which has made marine insurance a requirement for centuries. […]
What is Freight Insurance? Know about it’s features and benefits
A freight insurance policy insures the total or partial value of the cargo. The insurance is provided by a third–party company. The policy would be exclusive to the specific freight shipment and shipper. The structure of freight insurance is similar to that of a general insurance policy. Why do shippers need Freight Insurance Policy? The […]
Explain Sales Turnover Policy and its various advantages
Sales turnover policy (STOP) is a highly evolved marine insurance cover. Policy is designed to protect businesses against financial losses resulting from unexpected events such as fire, theft, or damage to stock, machinery, or property. It provides coverage based on the insured’s sales turnover, offering financial protection for the assets and operations of the business. […]
Claim filing process under specific transit insurance – Infographic
Specific transit marine insurance offers protection to transported cargo from various perils like fire, explosion, sinking, collision and natural disasters. The below infographic explains claim filing process under specific transit insurance, in case of loss. To file a claim under a specific transit insurance policy, follow these steps: Notify the insurer as soon as possible […]
Right insurance company to buy marine insurance – Infographic
How to select the right insurance company to buy marine insurance? There are many general insurance companies in India offering marine insurance policies. These insurance companies offer different benefits and charge different premium rates. The below infographic explains how to select the right insurer to buy marine insurance policy from. Factors to consider when looking […]