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What is Marine Insurance?

The type of insurance that covers the loss or damage of ships, cargo, terminals, and any transport by which the materials and property is transferred, acquired, or held between the points of beginning and the final endpoint is referred to as marine insurance. This deals with ships and boats and the cargo carried in them.

Open Cargo

Open cargo is type of freight insurance wherein the insurer offers coverage for the entire shipment from the point of shipping to the end destination point and approves to compensate for covered losses that have incurred for a specific period of time

Premium

Premium signifies the cost of protection coverage. For most insurance policies, premium are generally paid monthly, quarterly, or annually As far as marine insurance is concerned, the firm may need to pay a premium per shipment.

Marine Insurance Advantage

  • Export & Import Insurance: Insure the exported and imported shipments. Leave no aspect of the transportation uninsured. Cover numerous risks and select from a varied selection of coverage options. Cover notes are universally recognized as proof of insurance.
  • Inland Transit: Cover properties traveling within India by any mode of transport. The well demarcated and standardized coverage hardly leaves any vagueness. The insurance often covers domestic transport that includes warehouse storage for some pre-defined periods.
  • Marine Hull: Large vessels, ships, boats and the cargos it carries are covered for all risks. It being a complex risks, cases of piracy, sea worthiness needs to be prudently judged and evaluated.
  • Specific Transits: Cost effective way to cover goods in transit for a precise journey with clear specification of start and end destination address. Within few hours the cover note for such journey is issued

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.


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