Marine cargo insurance provides commercial facilities with financial protection to cover myriad risks arising out of the transportation of goods. It includes physical loss or damage to goods/goods/property in the ordinary course of transport between any two places by air, road, rail, sea, courier, registered mail or any combination of these methods.
Benefits of Marine Insurance:
- Marine Insurance comprehensively covers a wide range of risk countermeasures.
- Because you can trade without worrying about loss in case of emergency, it is useful for the smooth operation of trading activities.
- Providing financial stability to the stakeholders
- Coverage for damage to goods, labor cost, legal cost, natural perils, force majeure etc.
- Marine insurance offers several benefits to the owner and carrier of the cargo. In the event of an accident during transportation, the policyholder is entitled to full monetary compensation.
- Marine insurance also provides financial compensation against piracy and hijacking. Policyholders are also entitled to some degree of coverage if their belongings are damaged by inclement weather such as rain or snow.
- Marine insurance also provides some coverage for injury, illness or death of the carrier on board the ship.
Disadvantages of Marine Insurance:
- If the activity involves personal intervention, insurance claims will not be processed.
- Marine insurance will be charged separately
- In case of an insurance claim, a certain amount of the sum insured will be deducted. Hence the insurance company cannot recover the full amount of the policy.
- Most buyers will not work with sellers who do not have marine insurance, so this is a mandatory requirement in almost all cases.
- There are not many disadvantages of marine insurance. Insurance adds some cost to shipping. However, this is very small compared to the risks involved in shipping. We recommend that you read the fine print of your insurance policy.
Marine Cargo(Import/Export) and Marine Insurance
Annual Marine Cargo Insurance – Import & Export
Coverage for goods imported into or exported from India. Convenient insurance for all shipments with an insured risk during the insurance period. Insurance premiums are deposit-based and adjusted based on the actual declared value of annual shipments. Great for import insurance, but also applicable for export.
Marine Single Transit Insurance
Choose from several standard coverage options for a single shipment of goods (other than moving) or livestock insurance. Individual terms and conditions may accommodate broadcasts not provided for by standard cover.
Marine Inland Transit Open Cover Insurance
Automatic insurance of goods. The monthly broadcast is announced and no deposit insurance fee is required.
Annual insurance for all shipments of goods or livestock commencing during the period of insurance. Insurance premium by deposit, adjustable according to declared value of annual remittance. In addition to two coverage options and a very comprehensive transit provision, you have the benefit of valuable complimentary coverage.
Marine Goods in Transit (Private Car) Insurance
Simple, affordable annual coverage for damages caused to vehicles owned and/or driven by the insured. It is a supplement to the coverage provided by the vehicle’s auto insurance. One flat premium per vehicle sum insured without the need to record and declare the value of goods transported.
Marine specific items in transport insurance
Annual coverage for damage caused during the transport of certain goods likely to be regularly carried by registered road vehicles including trailers. Simple and affordable insurance against all types of major transportation risks, from business equipment, computers, musical equipment, and other equipment to boats and racing cars.
Marine carrier cargo liability insurance
They ensure the carrier’s liability for loss or damage to goods transported, and liability for any significant delay, loss of marketability or consequential loss. Acceptable legal fees are included. Available only to carriers using approved conditions of carriage.
Merchandise insurance for ocean carriers in transit
Flexible insurance cover customers’ baggage in transit insurance, allowing the carrier to arrange compensation for lost or damaged baggage regardless of liability.