Buy Marine Insurance Policy To Cover The Damage or Loss of Any Transport

What is Marine Insurance?

Marine insurance in India is a specific kind of insurance policy that is designed to cover the damage or loss of ships, terminals or any cargo or transport by which the property is transferred, held or acquired between the points of derivation and the concluding destination. Marine insurance in India also comprises of Offshore and Onshore exposed property, (ports, container terminals, pipelines, oil platforms), Marine Casualty, Hull, and Marine Liability etc. Marine insurance policy being an alternative of the general term ‘insurance’, the name denotes an insurance policy that is specifically provided to ships, boats and most importantly, the cargo that is carried in them.
Marine insurance is mandatory for all ship and yacht owners to obtain, especially where the vessel is to be used for commercial or transportation purposes and where it will be carrying passengers, workers, or cargo across international waters. You should obtain the most favorable insurance policy that covers you for a variety of risks along with obtaining marine insurance online for your vessel or operating business.

Importance of Marine Insurance in India

Marine insurance online has its exceptional importance. Given that a marine insurance ensures transporters and ship owners of claiming damages particularly considering the form of transportation that is used - marine insurance has its unique importance. There are four modes of transport systems that are used worldwide – road, rail, air and water. Out of these four means of transport systems, water causes a lot of worries to the transporters not only for the reason that there can be various unforeseen natural occurrences that can potentially damage or harm to the vessel or cargo but also because of many other unforeseen attributes and incidents that could cast a huge loss or damage in the financial chest of the shipping corporation or the transporter.
To avoid all such circumstances, it’s very much important to secure whatever marine or similar organization you run. Marine insurance policies help you battle with the huge amount of loss that you could suffer.

Key Features and Benefits of Marine Insurance in India

Some of the best benefits of marine insurance coverage in India are given below.
Art Insurance Policy in India is basically subject to below inbuilt coverage:
•Availability of Flexible Coverage Options: Marine insurance policy in India is available with flexible marine insurance coverage to fulfill your insurance needs.
• Worldwide Claims Settlement and Survey Assistance: You need not stress about your claim at all since worldwide claims settlement assistance is provided with marine insurance plans.
• Tailored Covers to Suit Your Needs: Marine insurance plans can be availed with customized coverage to suits your insurance expectations best.
• Comprehensive All-risks Coverage:A marine insurance plan provides comprehensive insurance coverage to safeguard your cargo from all the probable risks.
•Extensions for Strikes, Riots and Other Perils In order to enhance the coverage offered by the essential insurance plan, you can choose extensions in case of strikes, riots and other calamities.

Different Types of Marine Insurance Policies Online

Various types of marine insurance policies are elaborated below.
•Hull Insurance: This type of marine insurance policy is mainly taken out by the owner of the ship to keep away from any loss to the vessel in the event of any occurrence of unanticipated mishaps. Hull insurance mainly caters to the hull and body of the vessel along with all the pieces and articles of furniture on the ship.
•Machinery Insurance: This marine insurance policy covers all the essential machinery and also compensates claims in case of any operational damages (subject to post survey and approval by the surveyor).
•Liability Insurance: Liability insurance is a kind of marine insurance policy where compensation is required to be supplied to any accountability taking place owing to a ship colliding or crashing and by reason of any other persuaded attacks.
•Freight Insurance: This is a marine insurance policy that is designed to provide fortification to the merchant vessels’ corporations that stand in a chance of losing money in the form of freight in case of the cargo being lost as a result of the ship meeting with an unexpected accident. Freight insurance is a type of marine insurance that helps with problem-solving of companies’ losing money as a result of a small number of unprecedented events and accidents occurring.
•Marine Cargo Insurance: Marine cargo insurance policy caters exclusively to the marine cargo carried by ships. This policy is also pertaining to the possessions of a ship’s voyages. This marine insurance policy safeguards the cargo owner against loss or damage of the cargo in case of a ship accident or in case of delay in the voyage or unloading. Marine cargo insurance has third-party liability coverage that covers the damage to the port, ship or other transport forms (truck or rail) consequence from the hazardous cargo carried by them.

Advantages of Marine insurance Policies

The most important advantage of having an appropriate and comprehensive marine insurance online plan is that it makes sure total protection and liability against the following;
•Theft or hijack of vessel.
•Mistakes in transportation (inappropriate handling).
• Accident while in convey (sinking or overturning).
•Theft of onboard cargo.
•Variations in temperature causing complications.
• Pollution risks.
• Cargo liabilities.
• Labor and legal costs.
• Compensation for illness, injury or death of persons onboard the vessel.

Important Note:

By now the importance of marine insurance policies are must be clear. But still there are a few things that need to be kept in mind. There are a number of marine insurance companies in India from where you can buy marine insurance plans. It’s is advisable that you compare marine insurance quotes online before you buy one. Online comparison of marine insurance quotes in India will help you get the best marine insurance coverage at a reasonably priced premium. At GIBL, you can instantly compare various quotes online and thereafter avail the best marine insurance policy in India. You can also avail special discounts on your marine insurance policy online depending on various factors when you buy from GIBL.