Marine Insurance is a type of insurance that covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are being transferred or acquired between different points of origin and their final destination. It provides protection against transport-related losses, and is a crucial safeguard for shipping companies and couriers against costly potential losses while transporting goods by water.
Factors out of a transporter's control, such as weather hazards, encounters with pirates, and cross border conflicts are very common in water transportation and the damages associated with such situations can result in a significant financial hardship for ship owners. Herein, marine insurance protects the interests of shipping corporations and transporters by providing them with insurance coverage needed to defend against possible losses.
Hull insurance is a marine insurance policy specifically designed to provide coverage to water vessels and commercial based ocean crafts like a boat, ship, yacht, fishing boat, steamer, etc. A hull means the body of the vessel and this insurance policy protects them. The insurance provides financial protection in case of any damage to the vessel’s body (hull) and or the machinery due to risks covered by the policy.
Damage to the hull of the ship or vessel, including its machinery and equipment
Damage or loss to the ship due to fire, burglary and/or theft
Accidental damage to the ship due to earthquake, lightning, etc.
Damage done to other boats by the insured vessel (third party liability)
Damage to the vessel during maintenance activity
World-wide coverage for ocean-going vessels
People eligible for marine hull insurance are:
Marine hull insurance is a comprehensive policy, but the following cases fall out of its scope:
Normal wear and tear of the hull and machinery
Damage done due to nuclear activity
Radioactive contamination
Damage done by the crew members under the influence of alcohol
Intentional damage to vessel
Damage done to the vessel due to terrorist activities
Involvement in dangerous activities which may lead to hull damage
Sailing the vessel in a sea storm after issuance of warming
Overloading of goods
Cargo insurance is a marine insurance policy that provides coverage for physical damage to cargo during transit. Depending on the chosen coverage, some policies offer theft protection or coverage for other forms of losses besides physical damage.
A surveyor will assess the damage or loss mentioned
All the proofs and witnesses need to be submitted along with the duly filled in claim form
If the provider finds the case fit, it would approve the claim, else it would reject it
In case you are not satisfied with the case, you can approach the court of law
Following documents are required to make a claim:
Policy Document
Claim Bill
Commercial Invoice
KYC
Monetary Claim on Transporter
Letter of Subrogation
LR/RR/GR
Damage Certificate
Keep the damaged property under the safe custody until advised by the surveyor / insurer regarding its disposal.
Cargo insurance is a marine insurance policy that provides coverage for physical damage to cargo during transit. Depending on the chosen coverage, some policies offer theft protection or coverage for other forms of losses besides physical damage.
Marine Import Transit Insurance Policy for Import Cargo
Marine Export Transit Insurance Policy for Export Cargo
Marine Inland Transit Insurance Policy for Inland Cargo
The key benefits of critical illness insurance are:
Coverage is provided for up to 36 life threatening diseases
Convenient, fast, hassle-free claims process
The sum assured provided is in the form of lump sum payment which can be used as an income replacement
100% benefit payout upon diagnosis of terminal illness
Provides accidental death benefit
Protection against disability
The premium paid towards a critical health insurance plan is eligible for tax deductions under Section 80D of the Income Tax Act, 1961.
Comprehensive Coverage
Easy Customisation
Flexible
Claim Survey and Settlement Assistance
Add-On Covers
The policy provides coverage from the risks arising during transit via sea and other modes of transport. The insurer compensates for the following:
Dire situations like fire or explosion, sinking, stranding during a cargo journey
Expenses incurred due to collision, overturning or derailment of land conveyance
Expenses under such circumstances where the cargo is discharged from a port of distress/disturbance.
Coverage for general average sacrifice salvages charges
Protection against any natural calamities such as an earthquake or lightning
It covers expenses such as survey fees, forwarding expenses, costs of reconditioning and charges of sue
It also covers situations like jettison and washing overboard
It also covers the total loss of the package whether overboard or dropped amidst loading or unloading
Loss damage or expense incurred under the following circumstances are not covered under the policy:
Wilful/ intentional misconduct of the Assured
Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject matter insured
Insufficient or unsuitable packing or preparation of the subject-matter insured
Delay in cargo
If its due to the inherent vice or nature of the subject-matter insured
Use any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter
War, strikes, riots, civil unrest situations
In case of loss or damage to the cargo you need to immediately inform the insurance provider and follow the given steps
A surveyor will assess the damage or loss mentioned
All the proofs and witnesses need to be submitted along with the duly filled in claim form
For a missing package, the insured must lodge file a monetary claim with the insurance provider and get an acknowledgement for it
If the provider finds the case fit, it would approve the claim, else it would reject it
In case you are not satisfied with the case, you can approach the court of law
Following documents are required to make a claim:
Policy Document
Claim Bill
Commercial Invoice
KYC
Monetary Claim on Transporter
Letter of Subrogation
LR/RR/GR
Damage Certificate
Keep the damaged property under the safe custody until advised by the surveyor / insurer regarding its disposal.
Also called Protection and Indemnity Insurance, Marine Liability Insurance offers protection for third-party liabilities that owners and corporations are exposed to during water-based operations. It covers injuries, illnesses, or even loss of life caused by vessel operation. Medical expenditures, damage to other vessels and cargo, collision incidents, and related expenses as a result of quarantine may also be covered.
The range of covers includes:
Charterers’ Liability
Freight Forwarders Liability
Marina Operators Liability
Marina and/or Yacht Club Liability
Port and Terminal Operators Liability
Race Organizers’ Liability
Ship Repairers Liability
Stevedores Liability
Traditional marine liability accounts that are typically covered, include:
Protection and Indemnity (P&I) - Excess P&I coverage for a broad spectrum of vessels including fishing vessels, yachts and small commercial craft
Port authorities, terminal operators and stevedores - Comprehensive cover for ports, as well as coverage for specific activities such as stevedoring
Maritime Employers’ Liability (M.E.L) - Pprimary and excess capacity for the marine and offshore industries
Specialist operations - Including dredging, cable laying and seismic operations.
Liability cover for marine pilots, marine surveyors, ship repairers, boat race and regatta organisers, and seepage and pollution
In case of loss or damage to the ship, you need to immediately inform the insurance provider and follow these steps for making a claim:
A surveyor will assess the damage or loss mentioned
All the proofs and witnesses need to be submitted along with the duly filled in claim form
If the provider finds the case fit, it would approve the claim, else it would reject it
In case you are not satisfied with the case, you can approach the court of law
Following documents are required to make a claim:
Policy Document
Claim Bill
Commercial Invoice
KYC
Monetary Claim on Transporter
Letter of Subrogation
LR/RR/GR
Damage Certificate
Keep the damaged property under the safe custody until advised by the surveyor / insurer regarding its disposal.
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