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Marine Insurance
Any manufacturing and trading business will have raw materials and products. These items need to be moved from suppliers premises (within India or Outside India) to the manufacturing locations, sub contractor premises and the final products need to move from the manufacturing plant to the consumer directly or thro dealers or to central warehousing locations.
When such transportation happens by any mode of transportation, there can be exposures which can result in damage to the goods or loss or damage to the people in the surroundings.
Such risks are covered by the Marine Transit Insurance policies and marine Liability Insurance polices
SmartTech Experts can asses the risk exposure to any business from the Marine transit perspective and device Custom made solutions to handle the same..
What is marine insurance?
Marine insurance provides coverage for loss or damage to ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held. It protects against maritime perils
What types of marine insurance are available in India?
Hull Insurance: Covers physical damage to ships or vessels.
Cargo Insurance: Covers loss or damage to cargo being transported by sea.
Liability Insurance: Covers legal liabilities arising from marine operations, such as pollution or damage to third-party property.
What documents are needed for obtaining marine insurance?
Typically, required documents may include:
- Shipping invoices
- Bill of lading
- Survey reports (if applicable)
- Packing lists
- Details of the voyage
What is the duration of a marine insurance policy?
Marine insurance policies can be for a specific voyage, for a specified period, or on an open policy basis covering multiple shipments.
Can marine insurance cover inland transit?
Yes, many marine insurance policies can include coverage for inland transit, oŌen referred to as "inland marine insurance." .