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Marine Insurance Policy

The expansion in economic development has boosted international trade. International trade is, however, exposed to various risks in transporting goods. A marine insurance policy has thus become an important insurance plan for major corporate. A marine insurance plan not only provides coverage for international trade, it is also helpful in case of domestic trade.

What is marine insurance?

A commercial marine insurance plan is designed to provide coverage for goods which are being transported by rail, road or air. The policy pays compensation if the goods being transported are damaged before reaching their destination.

What are the risks covered by the marine cargo insurance plan?

Marine shipping insurance covers loss suffered by the cargo due to:

  • Fire or explosion
  • Discharge of the cargo at any port of distress
  • Collision, overturning or derailment in case of land transport
  • Stranding or sinking of the ship
  • Washing overboard or jettisoning
  • Earthquake or lightning
  • Dropping of the cargo in case of loading or unloading

Moreover, the expenses of survey of the loss incurred, reconditioning costs, forwarding expenses and suing charges are also covered by a standard marine insurance policy.

Marine Insurance Exclusions

The following instances of insurance claims are not covered under a marine cargo insurance policy offered by a marine insurance company:

  • Damages suffered due to wilful misconduct
  • Losses due to the ship owner becoming insolvent
  • Loss due to delay of the cargo
  • Loss incurred as a result of bad or insufficient packaging
  • Loss due to war, riots, strikes or commotion

Who is the insurance policy meant for?

Import and export merchants, banks, contractors and buying agents should buy a marine insurance policy for covering the loss to cargo.

What are the types of marine insurance policies?

Marine insurance comes in various forms. Here are some common types of marine insurance policies available in the market:

  • Cargo insurance – this policy covers the goods being transported against unforeseen loss and damages.
  • Hull insurance – this policy covers the ship / vessel which is being used for transporting the cargo. The policy, thus, covers the value of the hull and body of the ship against damages faced.
  • Valued policy – under this policy, in case of a loss covered by the plan, a fixed benefit is paid to the insured irrespective of the actual loss suffered.
  • Time policy – this policy is issued for a pre-determined limited tenure.
  • Open policy – this is an annual insurance policy which covers any number of voyages taken during the policy year. The policy is also called a floating policy.
  • Specific voyage policy – this policy covers one specific voyage.

How can you buy a marine policy?

This is the age of internet and online marine insurance policy is the best way of buying the plan. The process is simple, takes little time, is convenient and saves you a lot of hassles. To buy an online marine insurance policy, you can follow these easy steps:

  • Visit the website of an insurance company or a reputed insurance broker
  • Enter in your requirements
  • Generate a quote
  • Fill up the proposal form online
  • Submit the relevant documents
  • Make the premium payment
  • Get the policy issued

Benefits of shopping for a marine policy with Paybima

Though you can directly buy a marine insurance cover from an insurance company, partnering with us is a better alternative, and here's why:

  • We have a tie-up with leading insurance companies - view the plans of different insurance companies on entering the details on our platform. Proceed to compare cargo insurance policies for the cover offered, premiums to be paid, etc., before you make a final choice. Make an informed decision with regards to shipping insurance by comparing lets you make the best decision.
  • Our experts can help you - the team has extensive experience to help compare premium with regards to features before investing in cargo insurance.
  • Help with claim settlement - trust Paybima to help smoothen the claim settlement process and make it convenient and hassle-free.

Also Read: Special Features of Marine Insurance Policy

So, if you are in the business of transporting goods, a marine insurance policy should be taken. Paybima, You can easily compare marine cargo insurance quotes and find a policy suitable for your needs online through our platform. Paybima is the most reliable online insurance broker, offering a list of marine insurance policies from leading insurance companies of India.

Also Read: How to Make a Claim for Marine Insurance Policy