The Marine Insurance Services includes all the important aspects like getting the best insurance quotes, drafting policy wordings and handling your claims and fighting for recoveries. This insurance is like a complete protection for the cargo to be shipped. These insurance services are drafted in order to fulfill the requirements of both importers as well as exporters. The entire coverage of the policy is standard in the parameters but at the same time when it comes to international shipments, there is also the scope of flexibility in it.
Majorly Marine Insurance covers:
This covers best possible way for any type of cargo insurance, be it single shipment policy or an open contract including all cargo in all destinations during certain period of time.
Marine hull insurance:
This policy ensures complete protection against any damage or loss to the vessel, including hull, gear, machinery and equipments. In this law, the clients can be entitled to claim for the proportion of ship's salvage and its charges and wages & maintenance under the H & M policy.
Liability insurance for marine operators:
Some of the liabilities the marine operator can face are liability for cargo, liability for errors & omissions and third party liability that includes liability for damage to vessels.
Marine cargo includes:
The policy coverage:
- Shipment by inland vessels
- Export & import shipment by ocean
- Articles sent in post
The type of coverage to be given is determined by the mode of transport and requirements of customers as given below:
Transit by Rail / Road
Coverage provided for this type of inland transit of goods is classified under three categories:
Transit by Air
- All Risk - Inland Transit (Rail / Road)
- Basic Cover - Inland Transit (Rail / Road)
- Fire and Lightning - Inland Transit (Rail / Road)
The coverage provided under this type of transit:
Transit by Sea / Inland Waterways / Coastal Waters:
- All Risk basis as per Institute Cargo Clause (Air)
Following are the coverage policies that are provided under this type of transit:
Transit by Registered Post / Courier
- All Risk Institute Cargo
- Basic Cover Institute Cargo
- Fire and Lightning Institute Cargo
Coverage for transit of goods by registered post or courier is not provided on a standalone basis. These are granted in the conjunction with the transit by Sea / Rail / Road / Air.