Marine Insurance is a type of insurance policy that covers damages to the goods shipped by sea. The coverage includes the damages caused to ships and goods from the origin place to the destination. It is also known as cargo insurance, which is its subset and covers onshore and offshore exposed property, such as hulls, ports, container terminals, pipelines, and oil platforms. Before you move to consult the best insurance broker in south Delhi or your locality and finalize the purchase of a marine insurance policy, you should know the following points/things:
Marine Insurance - What It Is
Marine insurance refers to an insurance policy that covers the loss/damage to the ship and goods from a seaport to the destination and in between them. Some marine insurance policies cover more than that. They cover the loss/damage to the goods being transported by rail, road, or air after unloading at the destination port.
Types of Marine Insurance Policy
Marine insurance policy types differ from one insurance company to another. They also differ in terms of their clause/extent of coverage and their geographical classification.
- Transit Insurance/Cargo Insurance - It covers the loss caused to the goods being transported by sea from origin to destination. Usually, it is of three types - Open Policy, Specific Policy/Single Transit, and Stop Policy (Annual Sales Turnover Policy.
- Hull Insurance - It covers the loss/damage caused only to the carrier, ship, big motor boat, truck, airplane, or train.
Based on their geographical classification, marine insurance is of the following types:
- Inland - It covers the loss or damage to goods being transported from one place to another within India. Such a marine policy covers the goods that are primarily transported by rail or road.
- Import - As per its name, it covers the loss/damage caused to the imported goods during the transportation to India from any global location. Such a policy covers the goods that are transported by air and sea.
- Export - It relates to a marine insurance policy that covers the goods being exported from any Indian location to any location across the globe. It also covers the goods being transported by air and sea.
Benefits of Having a Marine Insurance Policy
Having a marine insurance policy is highly beneficial. You can understand its benefits well when you look at what it includes. Its inclusions differ from an insurance company to another or a standard to custom/personalised ones. However, most of insurance policy covers the following coverage/s:
- Pilferage/theft - Loss/damage caused to goods due to theft.
- Malicious damage - damage/loss caused by an intentional action.
- Total loss.
- Collision of goods carrying vehicles.
- Bridge breakage.
- Sinking, Stranding, or Grounding.
- Volcanic or Earthquake eruption.
- Lightening, fire, and explosion.
- Water entrance into the goods vessels.
- Overturning of goods.
- Natural calamities.
- And allied others.
Factors that Affects a Marine Insurance Premium
The premium of a marine insurance policy has several factors. These factors could be different and most of them are the selected route, the value of the goods, claim history, insurer’s assessment, and the fitness of the cargo. A provider of marine insurance in south Delhi or your locality can help you know the associated factors better. You can consult with Assurein to get the best insurance plans.
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