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
There are various types of marine insurance that are available that the businesses can choose based on their needs and requirements. One must be aware of all the types of insurance so that they can choose the best marine insurance that fits their requirements.
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
There are several reasons why you should apply