Key highlights
Multi-Mode Transport Protection
Marine insurance extends beyond sea transport, covering goods transported via rail, road, air, postal, and courier services.
Global Coverage
Ensures worldwide protection for cargo, providing businesses peace of mind regardless of their geographical operations.
Protection Against Physical Loss & Damage
Covers losses due to accidents, collisions, natural calamities, and unforeseen transit incidents, reducing financial exposure for businesses.
Customizable Policies
Policies can be tailored to meet specific business needs, ensuring flexible coverage for various types of shipments.
Third-Party Liability Coverage
Covers liabilities arising from damages to third-party ships, ports, or cargo due to accidents involving the insured vessel.
Coverage for Delay Losses (Optional Add-on)
Compensation for financial losses due to significant delays in the transportation process, ensuring business continuity.
Exclusion
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Inherent Vice & Natural Deterioration
Losses caused by the inherent nature of goods, such as spoilage, rusting, or evaporation, are not covered.
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War & Nuclear Risks
Damages resulting from war, terrorism, nuclear hazards, or civil unrest may require separate insurance coverage.
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Wear & Tear
Gradual deterioration, minor dents, scratches, or chipping due to regular usage are excluded.
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Improper Packaging & Handling
Losses caused by insufficient packaging or mishandling of goods during loading and unloading are not covered.
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Unseaworthiness of Vessel
Claims arising due to the ship’s poor maintenance, outdated navigation systems, or mechanical failure are not covered.
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Unauthorized Route Deviation
Losses incurred due to vessels deviating from the agreed route without valid reasons may not be compensated.
Types of Marine Insurance
Hull & Machinery Insurance
Protects ships, boats, and other vessels from physical damage due to accidents, collisions, and operational risks.
Cargo Insurance
Covers goods in transit, ensuring compensation for damage or loss due to accidents, theft, or natural calamities.
Freight Insurance
Provides financial security for shipping companies against potential freight revenue losses.
Container Insurance
Offers coverage for physical damage or loss of shipping containers during transit.
Port Risk Insurance
Provides coverage for residential properties, including household goods and personal belongings.
Liability Insurance for Marine Operations
Protects shipowners and transporters against legal liabilities arising from third-party damages, pollution claims, or cargo losses.
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Why Marine Insurance is Essential?
Reduces financial risks associated with cargo transport, including accidents, piracy, and extreme weather conditions.
Ensures businesses and shipowners are protected from unexpected losses, enabling smooth trade operations.
Facilitates secure international shipping, boosting confidence among exporters, importers, and logistics providers.
Helps businesses meet international trade regulations and contract obligations for cargo shipments.
Provides financial compensation for unforeseen losses, ensuring uninterrupted operations for logistics companies.
Having marine insurance enhances business credibility, reassuring clients and partners about risk preparedness.
