Features of Marine Insurance That You Must Know

Technology is evolving forever, but the transportation business still suffers from a lot of the same problems as ever. The problem is that it is still as dangerous as ever. However, the risk is not unmanageable. The primary way to handle freight hazards is to liaise with a trusted logistics service provider and practice proper and secure shipping packaging. However, it is best to insure the cargo marine against transportation accidents.

During transport, there is no risk and danger beyond the scope of the possibility. This can put your items in one or more dangerous locations. To ensure safety during shipping, you will need commercial insurance that covers damage or loss related to shipping.

What is marine insurance?

Marine insurance is a type of insurance policy that provides coverage for cargo ships, ships, terminals, etc. in the case of any loss / damage. Marine insurance coverage covers damage or loss of the shipment or ship while it is grounded, as well as unwanted hazards such as sinking, collision, burns, weather conditions, navigation errors, theft, jettison, improper storage by carrier, and hook damage.

What is covered in marine insurance?

This policy provides coverage against accidents arising during transportation by sea and other means of transportation. The insurance company pays compensation for the following:

  • Marine insurance coverage is provided against critical conditions such as fire or explosion, sinking, or entanglement during cargo travel.
  • Compensation will be provided for expenses incurred due to land vehicle collision, overturning or derailment.
  • Expenses will be covered in case of cargo discharge from Port of Distress / Disturbance.
  • Protection from any natural disaster such as earthquake or lightning.

Features of marine insurance

Whatever the reason for shipping, the marine insurance policy protects the insured person from damage to the goods. The following are some of the features of marine insurance:

  • Comprehensive coverage

The marine insurance policy provides comprehensive coverage against all potential maritime hazards exposed to goods during shipment.

  • Easy customization

Plans can be easily customized and adjusted to suit the specific needs of the customers.

  • Flexibility

Plans are very flexible and there are many options to meet the needs of the insured considering their budget.

  • Claim survey and settlement assistance

This insurance policy will relieve you of the stress related to the claim as the policy provides worldwide claim settlement support along with the claim survey.

  • Coverage expansion

Under this policy, one has the freedom to extend coverage with add-on benefits and to cover the risk posed by strikes, riots, etc. *

Marine insurance offers you a number of solutions to achieve different business goals. If you are in the business of making frequent deliveries, you should consider purchasing a maritime insurance policy. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.