Marine insurance would be defined as “Protection against future loss.” Marine insurance is another variant of the general term ‘insurance’ and as the name suggests is provided to ships, boats and most importantly, the cargo that is carried in them. Having a Marine insurance is very important for ship owners and transporters because they will be sure of claiming damages especially considering the mode of transportation used. Of the four modes of transport – road, rail, air and water – it is the latter most which causes a lot of worry to the transporters not only because there are natural occurrences which have the potential to harm the cargo and the vessel but also other incidents and attributes which could cause a huge loss in the financial casket of the transporter and the shipping corporation.
Marine Insurance Advantage
Export & Import Insurance
Insure shipments exported and imported. Leave no leg of the transit uninsured. Cover several risks and choose from a wide variety of coverage options. Cover notes universally accepted as proof of insurance.
Inland Transit
Cover goods traveling within India by any mode. Well defined and standardized covers leave little ambiguity. The insurance covers domestic transit including warehouse storage for limited periods.
Marine Hull
Insure your ships and boats for all risks. Covers large vessels. These are complex risks where options for piracy, sea worthiness need to be carefully assessed.
Specific Transits
Cover goods in transit for a specific journey. Specify start and end destination. Cover note for such journeys issued within hours. Pricing extremely cost-effective
Type of Marine Insurance
- Cargo Insurance
- Hull Insurance
- Liability Insurance
- Freight Insurance
- Voyage Policy
- Time Policy
- Mixed Policy
- Open (or) Unvalued Policy
- Valued Policy
- Port Risk Policy
- Wager Policy: Floating Policy
