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Not many know, but one of the oldest insurance is marine insurance. You may have come across the word ‘Lloyds’ but have you ever come across the story?
Well, ‘Lloyds’ was a coffee house in Tower Street, London. In 1688, it was a favorite meeting place for shipcaptains, ship owners and traders. Eventually, it became a place to get the news related to shipping and later sometimes about marine insurance. The Marine Insurance Act of 1905 was adopted in India. The Marine Insurance Act, of 1963 is somewhat a replica of the same with some minor differences.
Marine insurance in India is a type of commercial insurance that offers cover in case of loss/damage to the cargo/goods during transit. Transit here specifies the movement from one place to the destination place by road, rail, sea, or air. Each mode of conveyance has its own perils.
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Amidst smooth seas or stormy waters, marine insurance is the anchor of protection. In a marine insurance policy, the risk commences and ends with the transit. The coverage offered is as per the duration clause and termination of transit clause.
Covers a single transit with a defined cargo type, start and end point, mode of transit and sum insured.
Covers all transits of a defined type within the policy period. Pre-defined cargo types, transit types, modes and the maximum value for each transit are required
At Bajaj Allianz General Insurance, we act as a safety net for various marine-related industries and offer them protection from an array of risks. With us, you can set sail without any worries and rise above the waves.
We need to comprehend everything that could be impacted in the event of an unforeseen incident before we can fully know the significance of Marine Cargo Insurance policy
In the occurrence of a marine disaster in transit, there are chances that you may face litigation and penalties, and the expenses can be financially distressing. Having comprehensive marine insurance is imperative for businesses that are engrossed in international trade and sea transportation. Being adequately insured not only gives financial security but also peace of mind..
Take a look below to learn the salient features offered under a marine insurance policy:
It is an indemnity policy, the sum insured can include not only the value of the cargo but also, freight, duties, insurance premiums, loading and unloading costs, various taxes, profit margins, etc.
It means the transfer of all rights and benefits under the policy to a third party, who is not named in the marine policy as an insured. The marine policy is freely assignable unless it contains terms expressly prohibiting assignment. It can be assigned either before or after loss.
Insurable interest is to be proved at the time of loss only. This is due to the underlying contract being a sale-purchase contract- meaning that the title/ownership of the subject matter insured shifts from seller to buyer in the middle of the transit.
The marine clauses and forms used are the same across the globe
Anyone engaged in the movement of goods requires marine cargo insurance such as:
Let us now understand what remains covered in case of loss/damage to the insured reasonably attributable to:
Note: This is not an exhaustive list. For complete information, please refer to the policy wordings carefully.
Here’s a quick rundown of what remains uncovered in marine insurance:
Note: This is not an exhaustive list. For complete information, please refer to the policy wordings carefully.
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