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What is Marine Insurance?
Marine insurance refers to the insurance that provides financial coverage against damage or loss relating to the marine transport of goods from one place to another. This policy includes loss or damage that is caused to the shipment/cargo/vessel while it’s grounded and in motion. Any unexpected situation like an accident, collision, sinking, burning, weather conditions, theft, jettison, navigation mistakes, strikes, wars, natural perils, and any other risk that can result in a financial loss is covered under a marine insurance policy.
How to Get the Best Rates on Marine Insurance?
Ample insurance companies on the market offer a marine insurance policy and it can be hard to choose the one that’s best suited for you.
So, the best way to find an appropriate policy is to compare the premiums, features, terms, and coverages of different companies and policies. You can do this by using a web aggregator and detailing all your information and requirements so that you can easily find an appropriate match based on your needs.
Inclusions in a Marine Cargo Insurance Policy:
This policy provides financial compensation for the losses incurred during transport via sea or any other mode of transportation. The coverage of this policy includes:
- Destructive situations that take place during a cargo journey from one place to another. These include fire, explosion, sinking, stranding, capsizing, distress, and other alarming circumstances.
- Expenditure incurred because of collision, toppling, or derailment of sea and land carrier.
- Expenses incurred in a condition where the cargo is dispatched from a disturbed/ distressed port.
- General average sacrifice salvage charges.
- Natural calamities like earthquakes, lightning, tsunamis, cyclones, floods, and other weather conditions.
- Expenses such as survey fees, forwarding expenses, cost of repairing and remaking a carrier, charges of sue, etc.
- Jettison(throwing or dropping something from a ship or aircraft, generally to ease the load).
- Washing overboard.
- Total loss of the shipment whether overboard or dropped during loading or unloading.
- Breakage, chipping, denting, bruising, theft, non-delivery, all water damage, and other damage to the cargo.
Exclusions in a Marine Cargo Insurance Policy
Marine Cargo insurance policy does not cover the following factors:
- Intentional loss or damage is not covered.
- Inappropriate packaging quality of the shipments.
- No compensation is provided if the loss or damage occurs due to insolvency, liquidation, failure, and collapse of the finances.
- Normal wear and tear of the cargo.
- If the loss is suffered due to a delay in the cargo, compensation will not be provided.
- War, strikes, civil commotion, attacks, and riots are not covered by most insurance providers.
- Loss or damage due to bankruptcy.
- Any other exclusions that are explicitly mentioned in the policy documents.
Features and importance of Marine Insurance
A marine cargo insurance policy is valuable because it safeguards all the insured cargo in case of any substantial damages. Let’s now look at the benefits and importance of marine insurance in India:
- Comprehensive Coverage:
The most crucial part of a Marine cargo insurance policy is that it provides comprehensive coverage against all the potential marine-related risks. Hence all the circumstances that the goods can be exposed to while in transit which will lead to a financial loss for the insured will be covered in the policy.
- Easy modification:
All customers have diverse needs based on the size of cargo, the type of cargo, the type of vehicle, the risks that can be faced in the future, and other such factors. Therefore, a marine insurance cargo policy can be easily customized to cover risks in all circumstances.
As mentioned above, marine insurance policies are easily customizable and quite flexible so that they can cater to the needs and budgets of different types of people.
- Assistance in claim survey and settlement:
Holder does not have to worry about where or how the claim is to be settled because insurance companies provide the service of claim surveys and settlements all around the world.
- Add-on coverage:
The coverage of many policies can be extended to cover risks like riots, strikes, wars, etc.
What are the types of Marine Insurance Policies in India?
- Marine cargo insurance:
This policy covers the loss or sages caused to the cargo that is in transit from the point of origin to the point of delivery. Protection is provided to the cargo owner to cover the cargo for any loss or damage due to delay in the journey, accident, unloading incidents, etc. Third-party claims are also covered. It is mainly profitable for tankers and heavy cargo shipments.
- Liability insurance:
This insurance plan protects the ship when there is a crash, collision or attacks that lead to a huge loss. Any incidents that are not controllable by the insured are covered under a Marine Liability Insurance policy.
- Hull Insurance:
A hull insurance policy is mainly taken to protect the vessel, it’s furniture, attachments and other valuable assets of the ship against any untoward circumstances. Ship owners must buy this policy to get protected from huge financial losses.
- Freight insurance:
This policy financially compensates the shipping company if the freight is lost or damaged during transit.
- Open Marine Insurance Policy:
All the cargo shipped and transported within a specific period of time is protected against all perils under this policy.
- Time policy:
This marine insurance policy is taken for only a fixed period of time, usually a year or so and can be renewed easily.
- Voyage policy:
Under this policy, the marine insurance covers all the risks only for a specific journey and the policy expires after the completion of that voyage.
- Mixed policy:
Two policies are combined under this plan that are the voyage policy and the time policy so the insured can take advantage of whichever lasts longer.
- Port risk policy:
As the name suggests, all the risks that the cargo is exposed to at the port before loading or after unloading is covered under this policy.
- Valued policy:
In this policy, the value of the cargo or consignment is specified in advance so that if it gets lost or damaged during transit, the compensation can be easily determined.
- Floating policy:
For people who undertake regular cargo transportation voyages, the amount of claim can be specified beforehand in case of any mishaps.
- Wager plan:
There is no fixed compensation under this policy. The insurance provider will provide whatever amount is deemed fit by them if any substantial losses are incurred. Whereas, if the damages are not worth considering, no compensation will be offered.