A constructive total loss in marine cargo insurance means that the cost of repair of a damaged item is more than the current value of the item. The insurer settles the insured the entire amount. Since the repairing cost exceeds the replacement or market value so the insurer settles the entire claim. Insurance companies often […]
Articles Tagged: Marine Insurance
What is new Jason Clause in Marine Insurance Policies?
According to the marine insurance policies, the new Jason clause is included in most of the bills of ladings. To understand the meaning of the new Jason clause, it is important to understand how marine insurance works. What is marine insurance? A marine insurance policy is an agreement whereby the insurance company or the insurer […]
Is it worth buying specific transit cargo insurance?
Yes, buying specific transit cargo insurance is worth it as it is a protection tool to cope up with damages to cargo during transit. If something goes wrong during a voyage, you can restore your financial stability with the right cargo insurance cover. Specific transit cargo is the best-fit insurance cover for those who send […]
Running an export/import business in India? Here’s why you need marine insurance
Choosing the right marine insurance policy for your export and import business in India requires marine insurance for all the right reasons. Get to know them here.
How Does the Sales Contract affect the Marine Transit Insurance Contract?
In the case of a marine transit insurance contract, the terms of the sales contract are what will affect and who will get compensated. The main parties to a sales contract are a seller and a buyer. Others associated with the sales contract are bankers, carriers, and clearing agents among others. It is the seller […]
To whom Would an Overseas Importer Report a Claim Under an Export & Import Insurance Policy?
If you are an overseas importer and have an export & import insurance policy, you can approach your export and import insurer to file a claim under the policy. You can report a claim to any of the following- The export and import insurance company The nearest office of the export and import insurer The […]
Warranties in Marine Insurance
In marine insurance, a warranty is a promise or assurance given by the insured to the insurer regarding the condition or use of the insured property or vessel. A warranty outlines the insurer’s liability and determines if the insured can make a claim for vessel or cargo loss or damage. They play a crucial role […]
How does Marine cargo insurance work?
A marine cargo insurance policy is a category of property insurance that provides protection to a property that is in transit. The losses to the property in transit can incur due to certain perils associated with transport by sea, by air, or inland waterways. Marine cargo insurance provides coverage to the goods and the means […]
Know About All the Clauses in A Marine Insurance
A marine insurance policy works wonders by covering you and your consignment against a myriad of perils like fire, earthquake, lightning, washing overboard, etc. The policy comes loaded with various clauses in Marine insurance, some are listed below: 1. Institute Cargo Clause A The clause covers all the risks of loss or damages to goods. […]
What if the same goods are insured by multiple marine insurers?
A marine business can insure its goods with multiple marine insurers. However, the law dictates that you inform the second and consequent insurers about the previously taken insurance(s). Steps to take when insuring goods with multiple insurers A marine insurance buyer should inform secondary and consequent buyers about his earlier taken insurance policies. Even if […]