What is Types of Marine Insurance?
Liability Insurance Liability insurance protects the ships in the event of a crash, attack or collision that leads to sizable damage or loss. The policyholder… Read More »What is Types of Marine Insurance?
Marine insurance
Marine Insurance is only for goods that are being transported via sea through ships and other vessels.
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. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
How Marine Insurance Works?
The marine industry is one of the riskiest industries, and much thought is put into the insurance process. When you buy an insurance coverage, it… Read More »How Marine Insurance Works?
What is the purpose of marine insurance?
Marine insurance covers the loss or damages of goods on terminals, cargos, and ships on water or land during transit. This damage includes sinking, theft,… Read More »What is the purpose of marine insurance?
What is a Marine Insurance Policy? Types, Coverage and Key Features
Marine Insurance — a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well… Read More »What is a Marine Insurance Policy? Types, Coverage and Key Features
What is the process for reporting a marine insurance claim?
First you would alert your insurer with the details on the loss or damage. The insurer would then appoint an independent surveyor to assess the… Read More »What is the process for reporting a marine insurance claim?
Exceptions in All Risk Marine Insurance Coverage
All risk marine insurance, as the name suggests, provides comprehensive protection for cargo and vessels during transportation. This coverage is broader than named-peril policies and… Read More »Exceptions in All Risk Marine Insurance Coverage
What’s Marine Insurance Covered? Key Components
Generally, you’re covered for any physical loss or damage that occurs during transport. Even though it’s called “marine” cargo insurance, it can cover the entire… Read More »What’s Marine Insurance Covered? Key Components
What’s the Motivation for Purchasing Marine Cargo Insurance?
They want to protect their balance sheets from a major loss. When CFOs are involved in the discussion, they tend to be major advocates of… Read More »What’s the Motivation for Purchasing Marine Cargo Insurance?
Is Marine Cargo Insurance Applicable Only for Cargo that is Lost or Damaged?
Actually, there is a maritime law called “General Average” that makes you liable for losses suffered by other shippers on the vessel. For instance, if… Read More »Is Marine Cargo Insurance Applicable Only for Cargo that is Lost or Damaged?
Top Misperceptions About Marine Cargo Insurance
Many companies mistakenly believe the shipping line will reimburse them for the full value of their cargo in the event of damage. That’s incorrect on… Read More »Top Misperceptions About Marine Cargo Insurance
Why don’t more ocean shippers purchase marine cargo insurance?
Mostly, it’s because they don’t want to spend the money. They’re willing to take the chance that all their cargo will arrive damage free, all… Read More »Why don’t more ocean shippers purchase marine cargo insurance?
What is Hull in Marine Insurance? Types of Policies and Additional Clauses
Hull insurance in marine insurance is a specific type of coverage that protects the physical structure of a ship or vessel. It serves as a… Read More »What is Hull in Marine Insurance? Types of Policies and Additional Clauses
How much does marine cargo insurance cost?
In most cases, the insurance cost is around 0.5% of the total value of the cargo. This cost will vary based on the type of… Read More »How much does marine cargo insurance cost?
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