Marine Insurance
Marine insurance is the oldest form of insurance known. It covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. It provides protection even when goods are transported by mail or courier or related post. The term Marine originated when parties began to ship goods via sea. Despite what the name implies, marine transit insurance applies to all modes of transportation of goods such as by rail/ road, by air, and inland water. Marine Cargo insurance is mandatory in many import-export trade proceedings. Similarly, the ship owner carries hull insurance on his ship and also gets protection against claims by third parties. Similarly, insurance covers of wet risks such as Sea ports, and facilities for offshore drilling and oil exploration are also falling under the category of Marine insurance. We have a team of experts in marine insurance who can assists you right from choosing proper insurance coverage to the settlement of an insurance claim for any monetary loss suffered.
Importance of having marine insurance
Important aspect of having a marine insurance is that a transporter has
an advantage to choose the insurance plan as per the size of his ship,
the routes ship go through to transport the cargo and many other such
minor points which could go a great length in affecting the transporter
majorly. Marine insurance acts as a safety for shipping corporations and
transporters because it helps to reduce the aspect of financial loss to
them due to loss of important cargo. Also, it helps to bring about to
the transporting companies and to the receiving parties, the duty,
dedication and the straightforwardness of the insurance companies.
Type of Marine Insurance
Therefore there are various other plans and policies which indicate about covering just not only the cargo but also the vessel as well, thus the transporter can choose and avail of the best policy that suits their business the best.