Marine Insurance
Marine Insurance is a policy that provides for coverage during transit, by land/sea/air, for goods/cargo against financial loss arising out of damage or loss.
The cover protects the insurer from risks of theft, damage/loss due to accidents, natural disasters or any other causes.
Marine Transit insurance is required for those who are in the trading business where transportation of goods from one place to another is integral to their business. Manufacturers, Export/Import businesses, Wholesalers/Distributors etc. who are involved in transportation of goods.Marine Transit insurance can be customised to suit the need depending on the type and value of merchandise, destination, etc. The idea is to ensure complete protection of the goods being transported till its destination.
1 Marine Inland Insurance
This is a type of Marine Insurance policy that covers transport within a country as opposed to overseas. This policy covers cargo vessels and other marine related properties so as to cover the risk of loss or damage while transit inland.
2 Export Insurance Policy
This is a type of Marine Insurance policy that covers against risks faced while transporting goods via sea or air from one country to another. The coverage includes loss due to theft, piracy, accidents including damage during transit.
This policy is vital for those involved in international trade/export of goods as the cost factors can be huge and given the unpredictability and volatile situations across international borders risk factors can be very high. Exporters or their agents or even importers can avail of this policy to ensure safety of their merchandise.
3 Open Insurance Policy
Also known as open cargo policy is a policy that covers of transit of goods over a specific period of time rather than on a per shipment basis.In this policy coverage is taken for a pre determined amount and the premium is paid annually. This policy covers all the shipments during the period of the policy up to the amount determined.This policy may include deductible or excess value which the insured is liable to pay before settlement of claims. Specific terms and conditions such as exclusions and limitations of coverage may also be included in this policy.This kind of policy is beneficial to those who are frequent transporters of goods and face high risk in transit. The policy provides flexibility as well as cost effectiveness compared to coverage of goods on individual shipment basis. Open Insurance policies are customised and can be helpful in addressing specific requirements.
4 Single Transit Insurance
As the name suggests this policy is a type of Marine Insurance policy that covers a single shipment from one place to another. It is also known as Voyage Policy. In this policy premium is paid for coverage of a specific shipment during transit This policy is usually helpful for those who occasionally transport goods like machinery/equipment or those that need coverage for one off shipments of goods of value like artwork, documents, valuables etc.Single Transit policies are customised to suit specific requirements and exclusions and limitations may apply.
