Marine Insurance cover loss or damage during the transfer of property from origin to destination, including ships, goods, Terminals and various transportation modes. cargo insurance is a subset of marine of insurance which also encompass onshore and offshore exposed property, hull, marine casuality, marine liability. the coverage spans from carrier departur to its arrival. apart from sea, marine insurance cover loss or damage through rail, road and air as well.
Features of Marine Insurance
- Customer Focused Policies – Insurance company offer policies designed to meet the specific need and requirement of customer involved in transporting good via sea or waterways.
- Insured value Option – Customer can decide on the insured value of their good which can be either the actual value or an agreed upon value.
- Flexible Premium – Insurance Providers may offer flexible premium payment option such as annual, quartely and single payment.
Marine Insurance According Geographical Classification
Inland
Inland marine insurance policy provides coverage for transportation of goods from one place to another within the Indian border. this policy mostly cover transportation by road and rail.
Import
A marine insurance policy offers coverage for import from any global location to India. This type of policy mostly cover transit modes of sea and air.
Export
A marine insurance policy offer coverage for export from any location in India to Worldwide destination. this policy mostly cover transportation by sea and air.
