Marine Insurance
- “Protect Your Maritime Interests with Comprehensive Marine Coverage”
- “Safeguard Your Ship and Cargo with Marine Insurance”
- “Relax on Your Next Voyage with Marine Insurance Protection”
#What is Marine Insurance?
Marine Insurance ensures the safety of goods transported from the country of origin to the destination. It covers the loss/damage of ships, cargo, terminals and other means through which the goods are transferred. There is a widespread misconception that marine insurance is restricted only to goods that are being transported through sea; it also covers the transportation of goods through air, roads, and railways.It is highly recommended that you buy a marine insurance, especially, if you are involved in frequently transporting goods from one country to another.
Why Marine Insurance is Important?
Transportation of goods is extremely important for any kinds of business. Due to the perils associated with the sea, businesses involved in transportation of goods needs to take cautious steps to secure the smooth sailing. An accident that results in loss or damage of ships and its goods can cause huge financial crisis to the company. There are various natural disasters such as cyclones, tornadoes, hurricanes, and earthquake that may cause extensive damage to the ship. In order to thwart all dangers associated with marine transportation, it is important to buy a marine insurance. Be it any kind of trade that involves transportation of goods, marine insurance is an important tool to keep your business sustained. So, ensure you get the right marine insurance to keep your business flourishing at all times.
Types of Marine Insurance
| Insurance Type | Description |
|---|---|
| Hull and Machinery Insurance | Covers the main structure (hull) and machinery of the vessel against operational, mechanical, and electrical damages. Essential for ship protection. |
| Liability Insurance | Protects shipowners from liabilities due to collisions, crashes, or piracy that may cause harm to cargo, crew, or third parties. |
| Cargo Insurance | Provides financial protection for cargo against loss, damage, or destruction during transit. Also includes third-party liability for damage caused by cargo. |
| Freight Insurance | Covers goods in transit against loss, theft, or damage. It protects the freight owner or carrier from financial setbacks during transportation. |
Coverage in a Marine Insurance
- Sinking of ship
- Stranding, Fire Explosion
- Loss in loading or unloading of cargo
- Earthquake or lightning damage
- Collision, derailment or any accident
- Overturning damages
- Other Natural Calamities
Exclusions in a Marine Insurance
- Loss or damage of cargo due to delay
- Damage due to negligence
- Damage because of improper packing
- Loss due to bankruptcy of the company
Claim process for Marine Insurance
- In the event of a loss or damage to the ship, immediately inform the insurance company
- A surveyor will be appointed by the insurance company to assess the damage
- Submit the duly filled claim form with all the evidences and witnesses
- If the provider is satisfied with the report given by the surveyor, they will approve the claim else would reject the same
- In the event of dispute you can approach the court of law
- For missing package, the policyholder must file a monetary claim with the insurer and get them settled
Advantages
There are several reasons why you should apply
- IVA Insurance is an IRDA Approved Direct Broker (Life & General).
- We are here to assist you 24/7.
- Our unbiased approach ensures you get the best options.
- With over 55 insurance companies and hundreds of health policies, Fincover cuts through the clutter and helps you choose the one that is best for you.
FAQs
Who can take a marine cargo insurance policy?
Any shipping business that involves transportation of goods can take a marine insurance.
Why Do People Need Marine Insurance?
Marine Insurance is a meant to limit the risk of financial loss due to unfortunate event during a voyage. It ensures you get reimbursement of the loss or damage of cargo, in the event of a marine accident.
What are the factors to be considered while buying a marine insurance?
Check the reputation of insurer and their claim settlement record over the years. Check if the coverage includes all possible perils. For this, you can compare the features and benefits of multiple insurers. Lastly, check for the premium and check if it is affordable to your business. Basically, you have to review your needs and pick the one that suits your business the most.