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Marine Insurance

Marine insurance is a form of insurance covering the loss of cargoes or damage done to ships, freight vessels, ports and all transportation between the many points of origin and the final destination of the items being transported or purchased.

The flow of products has risen both domestically and via import/export as the economy has grown and the government has taken different measures to encourage industry and commerce. Marine Cargo Insurance covers products in several modes of travel in India. However, because of the universal nature of that Agreement, most of the maritime cargo insurance gives the insured a large variety of cover.

Who should take it?
Buyers, sellers, importations/exports merchants, buyers, buyers and banks-in fact any person involved in the movement of commodities industry.

The goods may not always be at your risk throughout the transit process. You can sell it to a buyer, for example. Our policies on marine cargo cover your interest in the load insured and cover the interests of all third parties to whom you have transferred interest, as specified by the Terms and Conditions of Sale.

Why one should take it?
Cargo is vulnerable to a variety of hazards while in transit, which can result in severe losses for traders/manufacturers. When products are carried from one location to another by sea, air, or any other means of transportation, any unanticipated situation might cause partial or total damage to the items. Goods are also exposed to General Average Losses during maritime transportation, which are covered by marine insurance. Furthermore, maritime insurance firms aid in avoiding the uncertainty of carrier recovery.

Stranding, sinking, grounding, collisions, burning faults or errors in navigation, heavy weather, entry of sea or river water, washing overboard, condensation, improper stowage by the carrier, hook damage, theft or pilferage, war, strikes, or natural perils can all damage your cargo. Only when the Carrier causes harm does the Carrier pay for loss. Again, the Carrier is only obligated to pay a certain sum per package, rather than the entire value of the cargo. This is another reason why you should insure your shipment.


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