Marine Insurance

Marine Insurance is the oldest form of insurance which is due to the fact that Product i.e Goods will always be required from one place to another. So, if any loss or damage occurred to goods then either of party (Seller or Buyer) is going to bear financial cost of same. Now a days, transit of goods is not restricted between seller & buyer but also has taken many forms such as Trading, Capital movement within this organization, mobilization of plant & machineries from project site to another.

Therefore, Transit Insurance which covers financial loss due to loss or damage of goods during transit of goods from one place to another is called Marine Insurance. Marine insurance has got it name from early mode of transit which was mostly ocean voyage.

Since business trades occurring at global manner has gone multi folds that’s why marine insurance & its clauses, coverage, exclusion usually have same wording and also accepted by all insurers worldwide in its common form. Types of Marine Insurances are as follows.

Marine Cargo

Marine Cargo insurance is applicable where insurance subject matter is “Goods” that are in transit.
What is Specific Voyage Marine Insurance?

This type of marine insurance usually are taken during specific transaction when goods are known to be transited from one defined place to another defined place.

Here, before the start of the journey, insured needs to have marine insurance policy issued from insurance company where policy is issued with complete course of transit from journey beginning address to journey ending address.

What is Marine Open Insurance?

In a business of larger scale in this fast moving world, many transactions might be occurring at one time and so thus transit as well and it is always difficult for any business owner to ensure marine insurance policy issued at start of every journey of transit of their goods.

Therefore, marine open insurance was designed wherein insured takes one marine open insurance policy for 12 months with below specified information:

  1. Jurisdiction of transit: Jurisdiction of transit may be defined in city, state, country or even worldwide as well
  2. Category/Nature of goods transit
  3. Maximum value of single consignment
  4. Anticipated value of goods for transit for 12 months which is called sum insured

Here, insured provides transit wise details occurred in company every month to insurance company for preceding month.

In marine open insurance, insured may at any time increase policy sum insured by paying additional premium at agreed policy inception rate value if it is occurred to insured that policy declared sum insured value is going to be exhausted in mid term of policy.

Also, If after expiry of policy, Insured may also claim for premium refund for portion of sum insured which is left for transit.

What is Marine Sales Turnover Insurance?

This type of marine Insurance is basically designed for manufacturers where they pay premium against their sales turn over value against assurance that all transits of goods occurring in company to achieve declared sales turn over in insurance policy, is covered.

This is how a single marine insurance covers all type of transit of goods in a Manufacturer such as Transit for purchase items, Transit for sales items, Transit for sales returns, capital movement transit etc.

Another important advantage here, is that, Insured does not require to submit monthly transit wise details to insurance company. Instead of this, Insured declares Sales turn over value every quarter which is much more convenient than providing transit wise details.

At any time during mid term of policy, If insured feels that company actual achieved sales turn over is exceeding declared sales turn over in insurance policy then sum insured value may be increased by additional premium at same agreed rate during policy inception.

Similarly, If at expiry of policy period, if declared sales turn over value is found to be exceeding than actual achieved sales turnover by insured, then premium may be refunded for difference in sales turn over value.

Marine Hull Insurance

Marine hull insurance compensates against physical loss or damage to water faring vehicles such as Ship, boat, yacht, steamer, merchant ship, vessel etc. Hull is meant by body of the such vehicles, which is coverage part in policy, however Marine hull insurance covers machineries as well.
What are the key features?

Physical loss/damage to hull & machineries of ship/vessel by

  1. Sinking, Capsizing, derailment
  2. Piracy
  3. Volcanic eruption
  4. War, strike, Civil Commotion
  5. Loss of hire/Business interruption
  6. Terrorism
  7. Cover for salvage, general average losses
  8. Fire, Burglary, theft
  9. Earthquake, lightning or other Act of God perils
  10. Third party liability such as damage done to other ship/vessel
  11. Worldwide coverage for ocean going ships/vessels
  12. Salvage & applicable charges
  13. Dry docking expenses
  14. Disbursement losses
  15. Collision defense & attacks
What are the general exclusions?
  1. Normal wear & tear
  2. Nuclear activity
  3. Radioactive contamination
  4. Wilful, deliberate damage
  5. Overloading

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IRDA Registration Number : 704 | CIN : U66000HR2019PTC082383 | Category : Direct Broker (Life & General including Health) | License Period : 17-04-2020 to 16-04-2023

IRDA Registration Number : 704
CIN : U66000HR2019PTC082383
Category : Direct Broker (Life, General, Health)
License Period : 17-04-2020 to 16-04-2023

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