DON’T BE AFRAID OF OCEAN WHEN YOU HAVE MARINE INSURANCE

marine insurance

Marine insurance is one of the oldest types of insurance, dating back centuries. The concept of insurance actually started with marine insurance. Later, with time, it developed a lot with the expansion of trade and business. Marine insurance mostly addresses international trades that involve the transit of goods from one place to another through ships. Oceans are always unpredictable, and hence, these transshipments of goods always carry a huge amount of risk.

Therefore, it is crucial to secure your goods from unforeseen uncertainties or disasters with the help of marine insurance. Additionally, marine insurance is crucial because it provides protection against any loss or damage to the commodities and cargo that the ship is transporting.

A marine policy offers financial protection against damage or loss to cargo or goods while they are being transported by truck, vehicle, ship, vessel, courier, etc. A marine insurance policy provides protection against a variety of dangers that cargo, ship owners, terminal handlers, and other middlemen in the logistics and transportation industries may encounter.

Anyone having an insurable interest in the goods in transit must have this insurance in order to protect their commodities from a variety of risks during transportation. Marine insurance will protect you from any marine-related risks whether you own a ship or yacht for travel purposes.

Marine Cargo Insurance Operations:

A marine insurance policy’s working mechanism is very simple. Upon purchase of this policy, the liability for potential damage or loss is transferred to the insurance provider. If a loss is incurred, the insured must notify the insurance company, which in turn, will assign a surveyor to determine whether the damage is admissible and how much it costs. Therefore, having a marine cargo insurance policy gives you peace of mind because you know you have a safety net in case your cargo is damaged while in transit.

The following things are covered in the marine insurance policy:

  • Covers cargo damages or non-delivery due to collisions, piracy, or other perils.
  • Offers coverage against the risk of cargo damage brought on by stranding, sinking, fire, explosion, or misplacement.
  • Offers compensation for financial loss or damage incurred due to overturning, collision, or derailment.
  • Provide coverage for the total loss or damage of the package during loading or unloading due to mishandling.

Exclusions in a marine insurance policy:

Like any other insurance policy, marine insurance has several exclusions as well, where compensation is not provided:

  • Intentional loss or damage
  • Inappropriate packaging
  • Damage suffered due to insolvency

It should be noted that the clauses may vary across insurers; therefore, it is crucial to read the small print before purchasing the policy to understand the exclusions.

LEAVE YOUR WORRIES AT THE DOCK.

LET MARINE INSURANCE POLICY TAKE CARE OF THE REST

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