Marine Insurance

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What is Marine Insurance?

Marine Insurance ensures the safety of goods transported from the country of origin to the destination. It covers the loss/damage of ships, cargo, terminals and other means through which the goods are transferred. There is a widespread misconception that marine insurance is restricted only to goods that are being transported through sea; it also covers the transportation of goods through air, roads, and railways.It is highly recommended that you buy a marine insurance, especially, if you are involved in frequently transporting goods from one country to another.

Why Marine Insurance is Important?

Transportation of goods is extremely important for any kinds of business. Due to the perils associated with the sea, businesses involved in transportation of goods needs to take cautious steps to secure the smooth sailing. An accident that results in loss or damage of ships and its goods can cause huge financial crisis to the company. There are various natural disasters such as cyclones, tornadoes, hurricanes, and earthquake that may cause extensive damage to the ship. In order to thwart all dangers associated with marine transportation, it is important to buy a marine insurance. Be it any kind of trade that involves transportation of goods, marine insurance is an important tool to keep your business sustained. So, ensure you get the right marine insurance to keep your business flourishing at all times.

Types of Marine Insurance

There are various types of marine insurance that are available that the businesses can choose based on their needs and requirements. One must be aware of all the types of insurance so that they can choose the best marine insurance that fits their requirements.

Hull and Machinery Insurance

Hull is the main supporting body of the vessel and it needs protection from any mishap to the ship. So, it is important to insure it with a Hull insurance. Along with Hull insurance, you should also consider the machinery insurance so that you get coverage for the machineries in the ship. It covers against operational, mechanical and electrical damage.

Liability Insurance

Your ship may be exposed to crash, collision, or even piracy attack during voyage. During such situation, aside from the danger to your cargo, the life of the crew member would also be under danger. Having a Liability insurance shields you from any liabilities that are beyond your control.

Cargo Insurance

Cargo is the easily the most vulnerable aspect during voyage. It can easily be damaged, lost, or destroyed. Hence, it is important to keep them protected. To prevent financial losses from cargo damage, get Cargo Insurance. It also comes with the third party liability damage to the port, railway track or other humans due to your cargo.

Freight Insurance

Freight insurance is a type of insurance that provides coverage for cargo or goods in transit. The insurance protects the freight owner or the carrier against financial loss due to damage, theft, or other covered events during transportation.

Coverage in a Marine Insurance

Sinking of ship
Stranding, Fire Explosion
Loss in loading or unloading of cargo
Earthquake or lightning damage
Collision, derailment or any accident
Overturning damages
Other Natural Calamities

Exclusions in a Marine Insurance

Loss or damage of cargo due to delay
Damage due to negligence
Damage because of improper packing
Loss due to bankruptcy of the company

Claim process for Marine Insurance

In the event of a loss or damage to the ship, immediately inform the insurance company
A surveyor will be appointed by the insurance company to assess the damage
Submit the duly filled claim form with all the evidences and witnesses
If the provider is satisfied with the report given by the surveyor, they will approve the claim else would reject the same
In the event of dispute you can approach the court of law
For missing package, the policyholder must file a monetary claim with the insurer and get them settled

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Advantages

There are several reasons why you should apply

IVA Insurance is an IRDA Approved Direct Broker (Life & General).
We are here to assist you 24/7.
Our unbiased approach ensures you get the best options.
With over 55 insurance companies and hundreds of health policies, Fincover cuts through the clutter and helps you choose the one that is best for you.

FAQs

You can learn more from our asked questions

Who can take a marine cargo insurance policy?

Any shipping business that involves transportation of goods can take a marine insurance.

Why Do People Need Marine Insurance?

Marine Insurance is a meant to limit the risk of financial loss due to unfortunate event during a voyage. It ensures you get reimbursement of the loss or damage of cargo, in the event of a marine accident.

What are the factors to be considered while buying a marine insurance?

Check the reputation of insurer and their claim settlement record over the years. Check if the coverage includes all possible perils. For this, you can compare the features and benefits of multiple insurers. Lastly, check for the premium and check if it is affordable to your business. Basically, you have to review your needs and pick the one that suits your business the most.