In this article, we will learn about what is not covered under marine insurance. Marine Insurance doesn’t offer any coverage in the following cases: Loss or damage due to the willful act of negligence and misconduct Any loss or damage due to delay Loss or damage due to improper packing Financial default or insolvency of […]
Articles Tagged: Marine Insurance
How to file a claim under Marine Insurance?
Transport of cargo by ships involves a lot of risks. However, there is a provision for sea traders to buy suitable marine insurance. A marine insurance policy will help buyers to safeguard themselves against all possible risks. Marine insurance covers a wide range of situations it theft of cargo in transit, pilferage, damage, or loss […]
What are the factors that decide premium of Marine Insurance policies?
Businesses involved in the export of goods by way of ships should invest in suitable marine insurance. An adequate marine insurance cover can protect businesses from incurring possible financial losses that may arise due to an unexpected event or marine perils. So what are the factors that decide the premium of Marine Insurance policies? When […]
Inland Transit v/s Marine Cargo insurance
In the world of marine insurance, the two most confusing terms are inland transit insurance and Marine Cargo Insurance. It seems that both are quite similar to each other with many of their provisions overlapping each other. Both provide protection to goods in transit against any damage from man-made or natural disasters, mishandling or damage […]
A Guide to Marine Cargo Policy
A Cargo insurance policy provides coverage to businesses involved in the shipping of goods across national boundaries on a regular basis. Any unexpected damage to the goods during the transit can also cause an irreparable loss to the businesses. Hence, it is important to get insurance beforehand. Marine insurance policies not only cover the goods […]
Incoterms Explained in Marine Insurance
Incoterms in Marine Insurance The International Chambers of Commerce or ICC published a series of standard terms such as Incoterms or International commercial terms. They are an essential component of everyday communication of trade and are an integral part of sale contracts. Every country has its own trade agreement, rules as well as terminologies to […]
5 Clauses an Exporter Should Consider while Buying Marine Insurance
It is highly likely that the concept of insurance started with marine insurance. It is still an essential part of export houses and other businesses today involved in the transport of goods. Marine Insurance covers the loss or damage of ships, cargo, and terminals. It also covers the loss of transport or cargo which transfers […]
Is it important for a freight forwarder to insure consignment of its clients?
Being a freight forwarder, you are responsible for the damages or lost goods during transit and sued against damaged goods. In order to be on the safe side, a freight forwarder should always ask its clients to buy cargo insurance. Clients should buy cargo insurance as it is their insurable interest to protect the cargo […]
What is marine protection and indemnity insurance?
Marine protection and indemnity insurance (P&I) liability insurance are designed for addressing the needs associated with the marine industry. This insurance provides cover against all maritime risks associated with vessel operation, and third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In […]
Why is marine insurance necessary?
Marine insurance is needed when the risks are associated with marine activities. These marine activities can include transportation by oceans and waterways. Or other means and mediums, building or maintaining water-going vessels, ships or submarines, etc. So, why is a marine insurance policy necessary? Some of the major reasons which make the purchase of a […]