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
- 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
- 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.
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.
How to Make a Claim for Marine Insurance Policy