About Policy
Marine insurance has been classified in to two categories :- Marine cargo
- Hull & Machinery
What's covered?
- Monetary soundness to the business
- Risk management and eliminates business stress
- Makes up for any monetary misfortune
Marine Cargo Insurance
Marine cargo insurance is a class of property insurance that insures commodities while in transit against perils consequent or incidental to the navigation of the sea or air or rail/road/inland waterways or any combinations.
Hull & Machinery
Hull & Machinery insurance provides physical loss or damage insurance for not only the hull (or shell) of a ship but also her propulsion machinery and any equipment used for activities such as cargo handling.
Who can Insure:
Buyers are eligible to take this policy, as well as, sellers, import/export merchants, contractors, banks—or anyone engaged in the import and export of goods or transportation of it within the country.FAQs
What is the importance of marine insurance?
It offers protection against any damage/loss incurred to the ship and to the cargo, which the ship is transporting. Whether you own a ship or yacht for any commercial or any transportation purpose, marine insurance policy will secure you from every marine-related peril.
What is not covered in marine insurance?
Marine Insurance doesn't offer any coverage in the following cases: Loss or damage due to willful act of negligence and misconduct. ... Loss or damage due to wire, strike, riot, and civil commotion. Loss or damage arising from the use of nuclear fission, weapon, or any other radioactive force.
What are the types of marine insurance?
- Freight Insurance.
- Liability Insurance.
- Hull Insurance.
- Marine Cargo Insurance.
