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 […]
What is the Insured’s Duty Under a Marine Insurance Policy?
In case of loss or damage to goods (falling under this policy), the insured and/or their agent should immediately notify the marine insurance company (notice of loss) or the insurance agent mentioned in their policy and provide the insurance company or the agent the full details of the loss. An insured and his agent/agents have […]
Why do You Need Marine Insurance Policy?
Insurance is needed to maintain the financial integrity of your life and business. Hence, we need a marine insurance policy. Marine insurance, by this definition, will be needed if the risks you seek cover from are related to marine activities, such as: Transportation through oceans and waterways The building, maintaining or operating of water-going vessels, […]
What is Marine Hull Insurance Policy?
Hull and machinery insurance is an insurance policy specially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Understanding Marine Hull insurance Policy as car insurance, with a difference of being for a water-faring vehicle instead of land. What does hull insurance Insurance cover? Hull insurance includes […]
Why Indian exporters must buy the Marine Insurance Policies?
Own an export business that rules on the sea? If yes, then make yourself aware of why marine insurance is a must-have
Emerging risks in transporting goods via water
Oceans connect continents in the world and thus, they give many opportunities for the transportation of goods as well. However, while sea transport entails many benefits, various hazards go with it as well. Let’s have a look at the risks that are associated with transporting goods via water. Weather Hazards Certain risks in transporting goods […]
Application of Indemnity in Marine Insurance Policies
Insurance policies, except for life and personal accidents, are subject to the principle of indemnity. Marine insurance policies are also contracts of indemnity. The principle of signing the contract in utmost good faith is an important application of indemnity in Marine Insurance Policies. Key Takeaways Financial Restoration, Not Profit: The core of indemnity is to […]
3 Reasons You Need a Marine Hull Insurance Policy Before Exporting the Next Consignment via Water
So here you are—ready to export your consignment via water. While you are taking all the necessary steps to ensure the safe transit of goods, have you bought a marine hull insurance policy? Marine hull insurance is an essential insurance policy that covers the insured vessel or fleet against various types of losses or damages […]
Seven reasons for buying marine insurance before your next journey
So, here you are—ready for your next transportation of goods. But have you bought a marine insurance policy? If you are the one who thinks purchasing this policy is an extra expense that you don’t require, then it is time to think again. Here we have given seven reasons for buying marine insurance before your […]
Why buy A Marine Cargo Insurance Policy While Trading Across Nations?
The transportation of goods has various risks as it passes from one nation to another. A Cargo Insurance Policy deals with the sea perils associated with the transportation of goods. Hence it is important to protect the assets using a cargo insurance policy while they are in transit from one place to another. There are […]