Marine insurance refers to the insurance of goods that are dispatched from one place to another destination. Traditionally, goods that are proposed for international trade are transported by sea. But marine insurance involves all modes of transportation of goods. When the goods are sent by air, their insurance is also known as marine cargo insurance. Getting shipping goods insurance done is one of the best ways to maintain the safety of your shipment and to cover the loss or damages of your precious consignment.
Types of marine insurance
- Marine cargo insurance,
- Hull Insurance
- Freight insurance
- Liability insurance
- Machinery insurance
Getting marine insurance is mandatory
Marine insurance policy India can be secured with flexible marine insurance coverage to meet your varied insurance needs. You can cover the risks by purchasing a cargo marine insurance policy. You cannot undermine the Importance of transport Insurance as it is mandatory in all export trade contracts. Transit insurance cost on the shipment has to be paid either by the exporter or the importer depending on the terms of the contract. However, there are several benefits for buying cargo marine insurance or shipping goods insurance policy before dispatching the export cargo.
Advantages of marine insurance
Buying a marine insurance policy is essential in the case of transportation of goods from one destination to another. The plan covers loss or damages that have to be endured during the shipment of goods. Other benefits include;
- Important for protection in case of an accident or any disaster.
- Helps to protect against any heavy loss incurred due to any unforeseen natural disaster
- Provides Coverage to cargo while in transit
- Covers your operating business for a number of risks including inappropriate handling of goods
- Ensures ship owners and transporters of claiming damages keeping in mind the form of transportation that is employed
- Helps your operating business to battle with a huge amount of loss that can occur because of theft on onboard cargo or accident while in transit or any incidence of collision.
Buy cheap and comprehensive marine insurance policy online
It is imperative to buy an appropriate and all-inclusive marine insurance online plan from reputed goods insurance India to ensure total protection. Many leading cargo insurance companies offer effective marine insurance plans. It is best to buy a marine insurance policy online from trustworthy and top insurance companies since they offer good discounts on their plans when you purchase online. Compare quotes from different insurance companies before buying the policy.
Coverage offered in Cargo Marine insurance plan
These include situations such as;
- Earthquake or lightning
- The release of cargo at the place of internal disturbance
- Total loss of package lost overboard
- Washing overboard
- Sinking, blast fire stranding, etc.
- Collision, or the overturning of land transport
Important factors to consider to ensure that you have the right marine insurance policy:
- Check the reputation of the insurance company and review its financial background.
- Ensure that the insurance company has a sound and efficient marine claim department
- The premium payable should be cheap and affordable.
- Analyze the claim settlement ratio of the insurance company.
- The policy coverage should be carefully designed as per your insurance requirements
- Assess your needs carefully and then purchase a cargo marine insurance
- Keep in mind that the marine insurance plan which suits others may not be adequate for you. Hence make an in-depth analysis of your needs and purchase according to your
- Ask your insurance company what the policy does not cover This will save you from the stress of discovering the important factors after you incur damage or loss
- Review your insurance needs and marine insurance plans yearly
