As compared to all other insurance policy, Marine insurance policy is considered to be one of the oldest forms of insurance. And these policies have easy flow underwritten process and most policies are open which get the shape as per the need of the insured.
These insurance are made to cover the protection transport through road, rail, air, or sea. It has to include separate cover for the loss of cargo, the ships, freight, and Inland transit.
Here's some point be focused that are lesser known about the marine insurance:
1. Accidents happen:
Shipping goods internationally are safer and more efficient than ever, but there are still numerous reasons freight could be damaged in transit. Investing in marine cargo insurance can protect you in the event there is damage.
2. A Marine Policy is applicable for every type of goods transport:
Marine insurance policies are applicable for all kinds of goods transport such as: Packed and unpacked. Packed cargo includes the bulk of goods in boxes, crates, drums and on pallets, neo-bulk such as lumber, paper, cars, and trucks) and unitized cargo.Unpacked cargo includes Liquid/Wet Bulk like petroleum, gasoline, LNG
(Liquefied Natural Gas), liquid chemicals, Juice & Wine in tankers and Dry Bulk like coal, grain, iron ore, bauxite & cement carried in bulk carrier.
3. Marine Insurance is also available for Cargo Ships:
In the form of Marine Hull Insurance, Marine Insurance is available for cargo ships.This insurance is the focus to protect the ship, its machinery, and equipment from unseen danger.It is applicable for all types of vessels.
4. The underwriting process is fluid:
Many insurance policies are subject to strict underwriting procedures but marine cargo insurance lacks rigid guidelines on what’s required. Most marine cargo insurance policies are offered as all-risk and can be tailored to your particular exposures.
5. Can be bought and managed online:
To save your time now insurers provide insurance facilities online.It reduces the paperwork and enables you to choose the best one by comparing the insurance policies offered by different insurers.
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