Marine Cargo Insurance
Marine cargo insurance is a type of insurance that provides protection for goods that are being transported by sea. This type of insurance can cover a variety of different risks, including damage or loss caused by weather, accidents, piracy, and more. Marine cargo insurance can be purchased by businesses or individuals who are shipping goods.
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What Does Marine Insurance Cover?
Any loss or damage caused to the hull or engine of a cargo vessel arising from an external accident.
Damage to third-party property or bodily injuries resulting in the death or disablement of such third parties.
Any loss or damage to third-party trailers in the course of cargo transit.
Freight Services.
Project and Marine Cargo.
Both one-time shipments and continuous agreements, also known as an “open policy,” may be covered by marine cargo insurance. These treaties, which can be created to cover commodities sent anywhere across the globe based on a declaration, are composed of generic terms covering specific goods on terms stipulated.
Features & Benefits Of Having Marine Cargo Insurance
Explore these features of marine cargo insurance
- Offers comprehensive coverage for all potential perils to the marine cargo.
- Renders flexibility as policyholders can customize and adjust it according to their needs.
- Also provides an easy claim settlement process which frees the policyholder from unnecessary hassles.
- Also offers coverage extension in the form of add-on benefits which ensures your cargo is protected against strikes, riots, etc.
These are the benefits of having marine cargo insurance:
- Offers wide coverage of cargo-related vessels and shipments at affordable rates.
- It covers any medical expenses incurred in case of an accident whilst on board such a vessel.
- Covers the damage or loss pertaining to personal effects.
- Covers marine liability, focusing on direct and indirect marine operations.
Types Of Marine Cargo Policies
1. Single Cargo Policy: This insurance policy renders one-time cargo cover, and this policy is the perfect fit to protect and cover single shipments.
2. Open Cargo Policy: This insurance policy is ideal for businesses that ship cargo on a daily or repetitive basis. It automatically covers all the transits.
Who Needs A Marine Cargo Insurance Policy?
Contractors
Despite being middlemen in most cases, contractors avail of the marine cargo insurance policy.
Merchants and Sellers
They require this policy as a safety net when shipping goods to far away parts of the country.
Personnel Engaged
In Import/Export of Goods, A marine insurance policy is also important for persons engaged in the transportation of goods.
How To Choose The Right Marine Cargo Insurance Policy?
It is important to choose the right Marine Cargo Insurance policy. Here are some important considerations:
An Affordable Premium
When choosing ocean marine insurance, ensure you pay an affordable premium instead of paying a higher one for basic coverage.
The Reputation of The Insurer
Conduct thorough research on the insurer's reputation, customer reviews and credibility before buying a marine cargo insurance policy.
When looking for the right marine cargo insurance policy, it is important to check the assessors and surveyors network of the marine insurance broker. We say so because if your claim goes beyond a certain limit, an assessor will visit you to determine the exact damage with respect to the claim.
When you buy marine cargo insurance, you need to ensure that it provides the coverage you need. Take a look at the basic and add-on coverage as well. This will ensure that you avail the coverage you need and don't buy one just for the sake of buying one.
Yet another aspect to consider when choosing marine cargo insurance is if the insurer has an established marine insurance claim department. It is important to ensure a functional maritime claim department, so your claim application doesn't end up getting stuck for years.
Considering these factors will aid you in choosing the right and affordable marine insurance brokers and marine cargo policy for safeguarding your shipments.
Frequently Asked Questions
Marine cargo is a type of marine insurance. Marine insurance offers coverage for cargo transported through waterways; marine cargo insurance renders coverage for cargo transported via land, air, or sea, including inland waterways.
Yes. Marine cargo insurance covers damages resulting from natural disasters such as lightning, storms, earthquakes, and other natural disasters that are listed under the policy.
This type of marine insurance policy starts before the transit starts and ends when the voyage is completed. It is most suitable for single or one-time journeys of transportation of goods. A voyage policy is also known as marine cargo insurance.