Know More About
Marine Insurance
Marine insurance is a type of insurance that provides coverage for ships, cargo, terminals, and any transport or cargo-related property against loss or damage during marine transit. It plays a crucial role in international trade by protecting goods and vessels against various risks encountered during sea voyages.
Key Features of Marine Insurance:
- Coverage: Marine insurance covers various risks, including damage to ships or cargo caused by perils of the sea (e.g., storms, collisions, sinking), theft, piracy, and other marine-related risks.
- Types of Policies: There are several types of marine insurance policies, including:
- Hull Insurance: Covers damage to the ship itself.
- Cargo Insurance: Covers damage or loss of cargo during transit.
- Freight Insurance: Covers loss of freight revenue due to damage or loss of cargo.
- Liability Insurance: Covers third-party liabilities arising from the use of the insured vessel.
- Insurable Interest: In marine insurance, insurable interest exists when the policyholder stands to suffer a financial loss if the insured property is damaged or lost. The policyholder must have an insurable interest in the property to be eligible for coverage.
- Valuation: The value of the insured property (e.g., ship, cargo) is determined based on its market value or an agreed-upon value between the insurer and the insured.
- Premium: The premium for marine insurance is calculated based on factors such as the value of the insured property, the type of coverage, the voyage route, and the level of risk.
- Claims Process: In the event of a covered loss, the policyholder must notify the insurer and provide documentation to support the claim. The insurer will then assess the claim and provide compensation as per the terms of the policy.
- Subrogation: If the insurer pays a claim, they may seek to recover the amount paid from third parties responsible for the loss through subrogation.
Benefits of Marine Insurance:
- Risk Management: Marine insurance helps mitigate the financial risks associated with transporting goods by sea, providing peace of mind to exporters, importers, and shipping companies.
- Compliance: Marine insurance is often required by law or contract for certain types of shipments, ensuring compliance with legal and contractual obligations.
- Financial Protection: Marine insurance provides financial protection against unforeseen events that may result in loss or damage to ships or cargo during transit.
- Support for International Trade: Marine insurance plays a crucial role in facilitating international trade by providing a secure means of transporting goods across long distances.
Our Services
Enquire Now!
Contact Us
- 208, Sikka Complex, Bldg No 10, Community Centre, Preet Vihar, Delhi - 110092
-
+91-9582175424
+91-9250332211 - splendidinsurance@gmail.com