In the world of marine insurance, the two most confusing terms are inland transit insurance and Marine Cargo Insurance. It seems that both are quite similar to each other with many of their provisions overlapping each other. Both provide protection to goods in transit against any damage from man-made or natural disasters, mishandling or damage […]
What are the extensions available in the freight forwarder liability insurance policy?
Multiple options of add-on cover are available to add to the freight forwarders liability policy by paying an additional premium amount. The freight forwarders insurance policy covers the liability of the freight forwarders in case of damage to goods in transit. It also covers contingent cargo. Various other kinds of risk are mitigated by including […]
What is marine protection and indemnity insurance?
Marine protection and indemnity insurance (P&I) liability insurance are designed for addressing the needs associated with the marine industry. This insurance provides cover against all maritime risks associated with vessel operation, and third-party damages caused to cargo. It also safeguards insured against risks associated with environmental damages such as pollution, war, oil spills, etc. In […]
What is the difference between marine and cargo insurance?
Shipping Insurance Trade is an integral part of any economy. A business involved in trade needs insurance protection against various risks associated with the transport of goods or their shipment from one place to another. It is broadly known as marine insurance. Marine insurance is a wide concept available to buyers through various subtypes depending […]
For what Duration Marine Inland Transit Insurance Clauses apply?
Overview The duration clause in marine inland transit insurance outlines the time period during which the goods are covered. As per the Institute Cargo Clauses (A/B/C), the coverage typically begins when the goods leave the warehouse and ends either at delivery to the final destination or after a specified number of days (usually 60 days) […]
What are the Perils of the Sea in Marine Insurance?
Perils of the sea in marine insurance include extraordinary forces of nature faced by maritime ventures during the voyage. Broadly speaking, ‘peril of the sea’ covers damages to the ship during the voyage by the Acts of God. It includes those accidents or casualties which do not happen due to the free will of a […]
What is Deviation Clause in Marine Insurance?
Overview A Deviation Clause in a marine insurance policy governs what happens if a vessel changes its planned route during transit. This clause is crucial because an unjustified deviation can void the insurer’s liability from the moment of deviation onward, though losses incurred before remain covered. Permissible deviations—such as emergencies like storms, rescue operations, or […]
What are the Various Clauses of Marine Insurance Policies?
Various clauses of Marine Insurance are explained briefly below: Valuation Clause Here the value of the subject is the value as decided between both parties. In case of any loss or damage, the compensation amount would not exceed the amount as stated in the marine insurance policy. Case: K.S Shipping is planning to buy a […]
What is Particular Average Clause in Marine Cargo Insurance?
A particular average clause refers to the particular loss or damage caused to cargo due to a particular peril. The person affected by the damage to the cargo bears the loss. Thus, in any situation, it is not possible to shift the burden of loss to others involved in the shipment. So, under the particular […]
What is Constructive Total Loss in Marine Cargo Insurance?
A constructive total loss in marine cargo insurance means that the cost of repair of a damaged item is more than the current value of the item. The insurer settles the insured the entire amount. Since the repairing cost exceeds the replacement or market value so the insurer settles the entire claim. Insurance companies often […]