Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.
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What is Marine Insurance?
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
What does Marine Insurance cover?
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Features and Benefits of Marine Insurance:
- A Marine Insurance Policy reduces your exposure to risk in the event of loss or damage to your goods or assets while in transit. As a fleet owner, you may have equipped your vessels with Automatic Identification System (AIS) transponders, GPS navigation receivers, echo sounders and weather radars; however as shipping lanes get busier due to increasing trade volumes, the scope for accidents has more than quadrupled in recent times, according to industry estimates.
- Marine Insurance can help you manage risks and improve the resiliency of your business. In case of a marine disaster such as an oil spill, you may face litigation and penalties, the costs of which can be prohibitive. While legal expenses may be considered a part of the costs of doing business, they can have a telling effect on your company’s bottom line.
- With a comprehensive Marine Insurance plan, your fleet of commercial vessels can operate without any apprehension. This will enable you to control risks arising from damage or loss to valuable cargo worth crores of rupees. For example, if your vessel runs aground or suffers a collision, the costs of towing, repair and overhaul can be very high. A Marine Insurance Policy can help you take care of such risks.
- As merchant vessels are maintenance intensive, the lack of spares or consumables can result in extended unavailability, affecting utilization which can have a cascading effect on profitability.
- A potential hijacking on the high seas by pirates is also a contingency that you need to factor in. A standoff involving hijacked merchant vessels may take months to resolve and potentially result in loss or damage if hostilities break out. With Marine Insurance, you can build a level of redundancy to handle such emergencies.
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Why is Marine Insurance important?
Investing in Marine Insurance is considered essential to reduce potential risks and ensure the continuity of the company’s value chain. Marine insurance is required in many import-export trade proceedings. Admitting the terms, both parties are liable for the payment of goods under insurance. However, the subject matter of marine insurance goes beyond contractual obligations, and there are several valid arguments necessary for buying it before dispatching the export cargo. Marine insurance best transfers the liability of the goods from the parties and intermediaries involved to the insurance company. The legal liability of the intermediaries handling the goods is limited to begin with. The exporter, instead of bearing the sole responsibility of the goods, can buy an insurance policy and get maritime insurance coverage for the exported goods against any possible loss or damage.
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