If you have ever shipped goods across the border, you may be aware of the stakeholders whose assets are at risk during the process. As a seller, your goods are in transit and the buyer is eagerly waiting to receive the goods and use them in their operations. The cargo, shipping and transportation companies have to deliver the shipments on time. Even small setbacks like delays, accidents or damaged goods can jeopardize the entire process and cause financial setbacks to the businesses. Marine insurance agency can provide you with a sort of protection against future uncertainties and its impact on your shipments.
For business owners who regularly engaged in cargo transportation, knowing the different types of marine insurance can be a lesson in risk management. The types of marine insurance you choose will depend upon how you view the insurance to cover its risk parameters and the underlying assets.
Following are the different types of insurance that are offered by the various marine insurance companies all over the globe
This is a type of cargo insurance which is very important as it covers the cargo, tanker as well as third party liabilities. During transit or loading and unloading, the cargo can get damaged. If you are a ship owner and operator, you are liable to several businesses. Having third-party insurance protects you from paying every party who needs to be compensated in case of an accident. The same policy also covers the tanker and ship carrying the cargo
This is a type of insurance offered by the marine insurance companies are generally included in cargo insurance to mitigate the risks. It covers the actual loss at the project site which includes loss of gross profit, increased cost of working to avoid or mitigate a reduction in turnover, and any costs or debts not affected by changes in production.
This is a type of marine insurance specifically designed for companies that are involved in importing, distributing and exporting merchandise. This marine cargo insurance policy covers moveable goods, raw materials, semi-finished and finished products.
Port package policies cover the properties of the port following property damage. It provides coverage for material damage and business interruptions due to it.
This is one of least understood and overlooked marine insurance. The shipping industry now operates in a world where the liability environment is becoming increasingly legislative. One of the main reasons for this is the increasing legislations on safety and pollution. This insurance provides cover for a charterer’s legal or contractual obligation to a ship owner as written in the charter agreement. It addresses liabilities related to hull damage, safe berth, loading, unloading, stowage, damage to berthing facilities and other vessels, loss of life, bodily injuries resulting from acts of the charter.
Global insurance is a marine insurance agency which offers marine cargo insurance according to the nature and scope of a business. They have Highly trained claims supervisors who deal with all the claims in a swift and efficient manner guiding clients every step of the way. They deal with claims within India or anywhere across the globe. Through transparency, technology and technical expertise, they provide world class services.
