Marine insurance provides coverage for losses or damages to cargo or goods during transportation by various modes like sea, air, road, and rail. It covers risks like fire, accidents, collisions, theft, and non-delivery. Various types of marine insurance include hull insurance, which covers damages to the ship's body; machinery insurance, which covers damages to engines and equipment; and cargo insurance, which specifically protects transported goods. Marine insurance also offers different policy types like voyage policies for specific trips and time policies for a set time period.
Marine insurance provides coverage for losses or damages to cargo or goods during transportation by various modes like sea, air, road, and rail. It covers risks like fire, accidents, collisions, theft, and non-delivery. Various types of marine insurance include hull insurance, which covers damages to the ship's body; machinery insurance, which covers damages to engines and equipment; and cargo insurance, which specifically protects transported goods. Marine insurance also offers different policy types like voyage policies for specific trips and time policies for a set time period.
Marine insurance provides coverage for losses or damages to cargo or goods during transportation by various modes like sea, air, road, and rail. It covers risks like fire, accidents, collisions, theft, and non-delivery. Various types of marine insurance include hull insurance, which covers damages to the ship's body; machinery insurance, which covers damages to engines and equipment; and cargo insurance, which specifically protects transported goods. Marine insurance also offers different policy types like voyage policies for specific trips and time policies for a set time period.
Marine insurance provides coverage for losses or damages to cargo or goods during transportation by various modes like sea, air, road, and rail. It covers risks like fire, accidents, collisions, theft, and non-delivery. Various types of marine insurance include hull insurance, which covers damages to the ship's body; machinery insurance, which covers damages to engines and equipment; and cargo insurance, which specifically protects transported goods. Marine insurance also offers different policy types like voyage policies for specific trips and time policies for a set time period.
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Marine Insurance.
Marine Insurance is a type of insurance that provides coverage against
the losses or damages of cargo or goods during transportation between the points of origin to the final destination. Marine insurance policy provides coverage for all means of transportation example road, railway, air, sea, couriers and postal service.
Marine Cargo insurance primarily covers loss during transit caused due to fire, explosion, hijacks, accidents, collisions, and overturning. We offer specially curated plans for covering the risk of theft, malicious damage, shortage, and non-delivery of goods, damages during loading and unloading, and mishandling of goods/cargo. The insured can choose the coverage based on specific business requirements. The policy is available for a variety of cargo/goods if you are dealing in or manufacturing them.
All the modes of transportation namely, air, water, rail & road are covered under this policy. Goods being transported via courier services are also insured. Goods in transit will be protected against vehicle collision, overturning, derailment, or accidents happening anywhere from the source to destination. This coverage can also be extended to loss or damage of goods due to theft, strike, riots, terrorism, and other hostile acts by human by opting for appropriate coverage as per one’s needs… Different types of Marine Insurances:
Hull Insurance: Hull insurance mainly caters to the torso and hull of
the vessel along with all the articles and pieces of furniture on the ship. This type of marine insurance is mostly taken out by the owner of the ship to avoid any loss to the vessel in case of any mishaps occurring.
Machinery Insurance: All the essential machinery are covered under
this insurance and in case of any operational damages, claims can be compensated (post-survey and approval by the surveyor).
The above two insurances also come as one under Hull & Machinery (H&M) Insurance. The H&M insurance can also be extended to cover war risk covers and strike cover (strike in port may lead to delay and increase in costs)
Protection & Indemnity (P&I) Insurance: This insurance is provided
by the P&I club, which is ship owners mutual insurance covering the liabilities to the third party and risks which are not covered elsewhere in standard H & M and other policies.
Protection: Risks that are connected with ownership of the vessel. E.g.
Crew related claims.
Indemnity: Risks that are related to the hiring of the ship. E.g. Cargo- related claims.
Liability Insurance: Liability insurance is that type of marine insurance
where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.
Freight, Demurrage and Defense (FD&D) Insurance: Often referred
to as “FD&D” or simply “Defense,” this insurance provides claims for handling assistance and legal costs for a wide range of disputes which are not covered under H&M or P&I insurance.
Freight Insurance: Freight insurance offers and provides protection to
merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship meeting with an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.
Marine Cargo Insurance: Cargo insurance caters specifically to the
marine cargo carried by ship and also pertains to the belongings of a ship’s voyages. It protects the cargo owner against damage or loss of cargo due to ship accident or due to delay in the voyage or unloading. Marine cargo insurance has third-party liability covering the damage to the port, ship or other transport forms (rail or truck) resulted from the dangerous cargo carried by them
The time limit for claims that are right to compensation may vary depending upon the content of the policy, and action is to be brought within that period from the date when the damage occurred.For Newly built ships, the shipowner is under contract with the shipyard to take out insurance cover for a period (usually one year) from the date of yard delivery.
In addition to these types of marine insurance, there are also various
types of marine insurance policies which are offered to the clients by insurance companies so as to provide the clients with flexibility while choosing a marine insurance policy.
Types Of Marine Insurance Policies :
Voyage Policy: A voyage policy is that kind of marine insurance
policy which is valid for a particular voyage. Time Policy: A marine insurance policy which is valid for a specified time period – generally valid for a year – is classified as a time policy.
Mixed Policy: A marine insurance policy which offers a client the
benefit of both time and voyage policy is recognized as a mixed policy.
Unvalued Policy: In this type of marine insurance policy, the
value of the cargo and consignment is not put down in the policy beforehand. Therefore reimbursement is done only after the loss of the cargo and consignment is inspected and valued.
Valued Policy: A valued marine insurance policy is the opposite of
an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand thus making clear about the value of the reimbursements in case of any loss to the cargo and consignment.
Port Risk Policy: This kind of marine insurance policy is taken out
in order to ensure the safety of the ship while it is stationed in a port.
Floating Policy: A marine insurance policy where only the amount
of claim is specified and all other details are omitted till the time the ship embarks on its journey, is known as a floating policy. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy.
Fleet Policy: In this policy, several ships belonging to one owner
are insured under the same policy.
Block Policy: This policy also comes under maritime insurance to
protects the cargo owner against damage or loss of cargo in all modes of transport through which his/her cargo is carried i.e. covering all the risks of rail, road, and sea transport.
Marine Insurance is an area which involves a lot of thought,
straightforward and complex dealings in order to achieve the common ground of payment and receiving.But as much as complex the field is, it is nonetheless interesting and intriguing because it caters to a lot of people and offers a wide range of services and policies to facilitate easy and uncomplicated business transactions.
Therefore, in the interest of the clients and the insurance providers, it is
beneficial and relevant to have the right kind of marine insurance. It resolves problems not just in the short run, but also in the long run as well.
