Marine Insurance

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Marine Insurance?

Marine Insurance is a type of insurance that provides coverage for the loss or damage of ships, cargo, terminals, and any transport or cargo by which goods are transferred, acquired, or held between points of origin and the final destination. It protects against risks related to sea transport, including perils like sinking, theft, or damage to the cargo.

Types of Marine Insurance :

Hull Insurance : Covers physical damage to the ship or vessel.
Cargo Insurance : Covers the loss or damage of goods in transit.
Freight Insurance : Protects the owner of the vessel or transport company from financial loss due to non-payment of freight.
Liability Insurance : Covers any legal liabilities due to damage caused to other ships or cargo.

Key Benefits :

Risk Coverage : Provides protection against a wide range of perils, such as storms, piracy, or accidents.
Customizable : Policies can be tailored to suit the specific needs of the ship, cargo, or voyage.
Global Trade Support : Essential for businesses involved in international trade, ensuring that goods are protected throughout the shipping process.

Marine insurance plays a vital role in safeguarding both commercial vessels and the goods they transport across the world.

International marine insurance is often more complex than domestic marine insurance due to the involvement of multiple countries, varying regulations, and the increased potential for risks. Companies involved in international trade and shipping typically need a combination of these insurance types to comprehensively protect their interests.

Both Domestic And International Marine Insurance Policies Can Be Issued As Per Below mentioned Type :

Specific Voyage Policy ( Domestic / International ) – For Any Specific cargo / Hull Transit

Declaration / Open Policy ( Domestic / International ) – For Monthly Declaration basis

Stop Turnover Policy ( Domestic / International ) – For Turnover basis of the company

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