What is Marine Insurance?
If your business takes you across the seas, you can be exposed to risks from mother nature, misadventure and even piracy.
Such risks can prevent your commercial vessel, cargo or truck from reaching its destination, or cause costly damage during the voyage.
Marine transit insurance refers to a range of insurance products which help protect your business from loss or damage to vessels and cargo. It can cover the door to door delivery of goods worldwide, by sea, road, rail and air – including their storage on the way.
What can it cover?
There are different types of marine-related insurance policies – the type you choose will vary based on your specific needs. Depending on the type of policy you choose, marine insurance policies can cover:
|Type of Cover||Potential Benefits|
|Accidental damage||Physical damage that occurs as a result of an unexpected and non-deliberate external action.|
|Insured events||Only the events nominated by the insurer. These are commonly known as fire, collision and/or overturning covers, although there are normally more events offered than these.|
|Collision||Damage caused due to the collision of the carrying vehicle, vessel, train, aeroplane. It may be a collision between two conveyances or it might involve the conveyance hitting another object such as a bridge, wall, tree etc.|
|Dropping during loading and unloading||Dropping during loading or unloading if this is not an excluded event specified under a specified risks policy.|
|Fire, explosion, lightning||While fire is a common event covered by all transit policies, cover for explosion and lightning may or may not be granted|
|Impact of goods with external objects other than the conveying vehicle or road||Full impact cover can be provided, including goods falling from and within the vehicle.|
|Malicious damage||Malicious acts, vandalism and sabotage by third parties.|