Technology is growing evermore, but transport business still remains as risky as it was earlier. However, the risk is manageable through a trustworthy logistic service provider, an apt transport packaging and not to forget - Cargo Marine Insurance.
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While transporting, your goods are explored to many risks. To ensure the safety during transit, you need marine insurance that covers the loss or damages of the consignment.
Things That you Need to Consider About Marine Insurance
Marine Insurance comes in handy in covering the loss or damage of cargo, ships, and any other form of transportation or cargo by which the property or good is shipped, obtained or held between the original point of transport and the final destination
It is an Imperative Purchase
Buying marine insurance is essential in case of transportation of goods from one destination to another. The policy covers loss or damages suffered during the shipment of the goods
Offers Protection against Calamities
The natural and man-made calamities such as fire, flood, earthquake, theft etc. are covered by the policy except for certain exclusions
Categories to Look For
Marine insurance comes with a variety of categories to choose from such as cargo insurance, hull insurance, marine liability insurance, freight insurance. Depending on the requirement of if insurance, one can opt for them. While buying insurance policy in India also consider the nature of goods and type of voyage.
Types to Consider
With the aforementioned categories, there are various types of Marine insurance as well like valued insurance, unvalued insurance, annual insurance. Floating insurance, time voyage insurance policy etc. to cater to the different needs of the individual.
Why Do You Need Marine Insurance?
The reasons for buying marine insurance are manifold:
Goods are Venerable to Theft
While transporting your valuable goods via road, possibilities are there that it catches the attention of well-organised thieves. Unfortunately, this may occur not only in interior areas but also in urban areas, from where your consignment is supposed to pass. Or it may happen while the truck driver is taking a nap at specialised truck parking. Usually, costly goods are the targets but thieves will be happy stealing less pricey items as well such as food products. With marine insurance the loss can be claimed.
Loss or Damage in the Sea
No matter how well you have prepared for your shipment through the sea, the vessels or vehicle remains susceptible to the elements. Though the containership may get bigger and reliable, there are still chances of the loss of container due to sudden severe weather condition.
Costly Items lead to Bigger Loss
Marine insurance is necessary to keep the safety of your costly items intact. The carriers through which the items are being delivered have limited liability. Depending on your preference of insurance provider you may insurer the items up to a certain limit above the invoice value of the insurer. In case of a loss, the insurer will compensate you as per the insurance terms and rate. Caro marine insurance covers not only the invoice value but also may cover duties and taxes (a part of), along with the additional cost incurred in delivery.
Carriers Liability Applied
Marine insurance is the best solution to maintain the safety of your shipment if you are transporting light but costly items. However, as per all transport conventions including the international one, local laws, terms and conditions apply to the contract according to which a limited amount of the carrier’s liability is applied. Based on the actual weight of the items to be delivered, the amount is calculated through a special formula. The formula may differ based on the mode of transport and applicable transport law.
Fast and Smooth Claim Settlement
In simple words, settling marine insurance claim takes less time as compared to a liability claim. This clause is valid when the cause of loss or damage is uncertain or the claim is registered for a significant amount and requires investigation. For instance, if the claimant may be assumed the loss due to an event where the carrier can’t be held liable for, the carrier can oppose it. In such a case, the claim has to be proved by the claimant.
Marine Insurance Premium Calculator
New machinery or equipment for industrial use
Iron & steel rods, metal pipes, tubes
Electronic and white goods
All types of FMCG commodities
All kinds of food like oils essence flavours and other various packed items
Automobiles
New machinery machine tools and spares in closed ISO containers
Solar panel
Machinery machine tools spares duly packed/lashed
Stationery items
Timber and wood products
Edible oil in tanker
Aggregators/Transporters
All types of containers
All types of paints duly packed
Auto spare parts
Ceramic products and tiles
Edible vegetables or fruits and nuts or peel of citrus fruits
Granite and marble
Metal hand tools
Metal scrap in ISO container
Metals of all types excluding precious metals
Non hazardous chemicals in bags
Pharmaceuticals and bulk drugs
Rough marble in blocks
Toys, games and sports equipment
Used CPM machines and equipments
Used machinery machine tools and spares in closed ISO container
But, we have offline plans ready.
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Who can Buy This?
Marine insurance can be purchased by anyone who is into the business of selling, buying or even the financers of the various goods can buy this policy.
Consider the Major Exclusion
If you are export/import business, remember that the loss or damage of goods while transporting, the carrier is not responsible for bearing the loss. Considering this as well, you should buy marine insurance.
Affordable Premium
If we consider the premiums for marine insurance, they are not very high; however, it depends on the type of goods you are insuring, along with the mode of transport.
Meant for Domestic as well as International Trade
Whether you want to expand your business within the country or internationally, your insurer will follow you. With marine insurance, inland transportation of goods via train, road and air is covered. Again, if you want to transport your goods internationally, the policy will cover for the loss or damages occurred during transit.Â
To Conclude
Marine Insurance offers multiple solutions for meeting various business goals. If you are into a business that requires frequent deliveries, you must consider this insurance policy.
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Marine insurance is essential for protecting goods during...Read more
23 Oct 2024 by Policybazaar2846 Views
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*Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover. The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.
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