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Paybima

Marine Insurance

A smooth sailing transit for cargo

For safe and fast transport, register your details with us:

Features

  • Financial protection for loss or damage to goods in transit
  • Essencial document for trade transactions
  • Coverage for a wide reange of costs assocated with loss or damage to goods in transit (ex. removal of debris)

Introducing Marine Insurance

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 corporates. A marine insurance policy not only provides coverage for international trade, it is also helpful in case of domestic trade.

What is marine insurance?

A commercial marine insurance policy 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 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.

Exclusions

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

  • Damages suffered due to willful 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.

Paybima offers a list of marine insurance policies of different types. You can easily find a policy suitable for your needs online through Paybima. So, if you are in the business of transporting goods, a marine insurance policy should be taken.

Clarify all doubts related Marine

What kind of companies can apply for GMC policy?

An individual policy restricts the coverage of the policy to a single person whereas, a Family floater Insurance policy offers flexibility by allowing any member to utilise the full Sum Insured. In addition, the total cost for individual policies is much higher as compared to a family floater insurance plan covering the same set of members.

Do I get a tax benefit for the premium paid under GMC policy?

A Health Card is a card provided as a part of the policy documents. It enables the policyholder to avail cashless hospitalisation at any of the network hospitals for the particular insurance company. It also includes the contact details of the Third Party Administrator in case you need assistance.

Do I have to pay any amount on behalf of my employees?

Yes. It is highly recommended that one should avail a separate health insurance policy, as the insurance provided by the employer is a shared policy and will be valid only for the period of employment period. In addition, an individual health insurance can also be customized according to your needs . But a group policy would provide better benefits and coverage.

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Corporate Office : Mahindra Insurance Brokers Limited ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2019; Category : Composite Broker; CIN : U65990MH1987PLCO42609
Member of Insurance Brokers Association of India (IBAI). Insurance is the subject matter of solicitation.
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Disclaimer: The information displayed on this website is of the insurers with whom our company has an agreement.