Marine Insurance
It is a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborn instrument of conveyance and to the liability for third party arising out of the process.
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Standard Coverage
Premium Coverage
Frequently Asked Questions
What is Marine Insurance?
Marine Insurance is a type insurance that provides coverage against any demage / loss caused to cargo vessels, ships, terminals, etd. in which goods are transported from one point to another point. Marine Insurance coverage includes loss or demage caused to the shipment / carge / ship while gronded, sinking, burning, collision, weather conditions, navigation errors, theft, jettison, improper stowage by the carrier, hook demage, strikes.
Types of Marine insurance Policies?
In Terms & Conditions of Marine Insurance Coverage, There are three types of Marine Insurance Clauses:
1 – Institute Cargo Clauses A
1 – Institute Cargo Clauses B
1 – Institute Cargo Clauses C
Is Marine Insurance Mandatory?
Marine Insurance is mandatory for all ship and yacht owners to obtain, especially where the vessel is to be used for commercial or transpormation purposes and where it will be carrying passengers, workers, or cargo across international water
What does Marine Insurance Covers?
Marine Insurance covers you in following:
1 – Fire or Blast, Sinking
2 – Collisio, The over turning o f land transport
3 – The release of cargo at the port of distribution.
4 – Average sacrifice recovery charges.
5 – Washing overboard
6 – Earthquake or lightning
7 – Total loss of package lost overboard
What are the things not covered by Marine Insurance?
Following are the exclusions of Marine Insurance:
1 – Willful misconduct of the insured.
2 – Ordinary Leakage, loss of weight or volume
3 – Insufficient package
4 – Loss or Damage due to any financial default or insolvancy of the ship owner etd.
5 – Loss caused due to the delay of cargo
6 – War & Strikes
How can I make a claim, in case of emergency?
The claim process of Marine Insurance is simple as following:
1 – Inform the insurer immediately by approaching the claim representative or visiting the nearest branch.
2 – In case of damages caused to the goods that are on the ship, a port or joint ship must be arranged
3 – Submit the policy documents and other relevant documents which may be required to testimony your claim
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