Marine Insurance
Marine Insurance
Even though the air, road, and rail transports have advanced significantly these days, but the sea is still the most preferred mode of trade-related transport. In modern days as well the international trade is largely dependent on ships. As we all know sea routes are more exposed to the risks than rail, road, and air. Risks like collision, bad weather, etc. are very common with ships. All these hazards have given a rise to the requirement for the marine insurance.
Marine insurance is a type of insurance that not only covers the ships against damage or loss, but also the cargo contained and being transported in it.
What is Marine Insurance?
Marine insurance offers coverage in case of damage or loss of cargo, ships, terminals, and any transport by which any property is acquired, transferred or held between the point of origin and its destination. Cargo insurance is the sub-category of marine insurance. Marine insurance covers property exposed either onshore and/or offshore, marine casualty, marine liability, and hull damages.
In case goods are transported using a courier service, shipping insurance can be purchased.
Why Marine Insurance is Important?
Like any other insurance, marine insurance policies also provide coverage for unfortunate events such as accidents, property damage, and damage to the environment. While we talk about ships, the stakes are high as the loss is related to the damage in expensive ships and valuable cargos. Additionally, the environmental damage is also high due to oil pollution which consequently results in the loss of the lives of seafarers. Some advantages of having marine insurance in India are:
Comprehensive Coverage against All Risks Related to Marine: A marine insurance plan offers comprehensive coverage against all potential risks related to marine accidents.
The flexibility of Coverage: Most of the marine insurance plans are flexible enough to fulfil the various needs of the insured.
Claim Survey and Settlement Assistance across the Globe: An insured also gets the benefit of a worldwide claim survey and claim settlement.
Option to Extend the Coverage for Riots, Strikes, and Perils: One can extend the coverage of the marine insurance plan against perils, strikes, and riots as well.
Customization Option to Fulfill the Requirements of the Insured: One can always customize the marine insurance policy to meet his/her expectations.
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