Commerical & Private Marine Insurance

Commerical & Private Marine Insurance

Marine Insurance is a type of insurance policy that provides coverage against any damage/loss caused to cargo vessels, ships, terminals, etc. in which the goods are transported from one point of origin to another. Marine insurance coverage includes loss or damage caused to the shipment/cargo/ ship while is grounded, and also from untoward perils like- sinking, collision, burning, weather conditions, navigation errors, theft, jettison, improper stowage by the carrier, hook damage, strikes, war, and natural perils.

 

Features of Marine Insurance

Whatever be the reason for shipping goods, a marine cargo policy protects the insured goods against material damages. Mentioned below are some of the benefits of buying marine insurance in India:

1. Comprehensive Coverage: A marine cargo insurance policy offers comprehensive coverage against all the potential marine-related perils that the goods are exposed to while they are in transit.

2. Easy Customization: The plans can be easily customized and be adjusted to meet certain needs of the customers.

3. Flexibility: The plans are flexible enough and have a variety of options to cater to the requirements of the insured, considering their budget.

4. Claim Survey and Settlement Assistance: This insurance policy frees from stress about the claim as the policy offers worldwide claims settlement assistance along with a claim survey.

5. Extension of Coverage: Under this policy, one has the liberty to enhance the coverage with add-on benefits and cover the risk arising due to strikes, riots, etc.