Marine Insurance

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. The risks include:

Note: The term “perils of the sea” refer only to accidents or consequences at sea and does not include the acts of god. In addition, hazards at sea include fire, the danger of war, piracy, seizure and dumping.

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Marine Insurance

Perils of the sea

Theft

Malicious Damage

Fire and Accidental Damage

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Open Policy

This policy is issued for the carriage of goods within India. The policy is valid for one year and all transits declared during the policy period are automatically covered by the insurance company.

Specific Voyage Policy

This type of insurance is valid for one trip or transit. These policies will be issued prior to the commencement of travel. Insurance coverage ends after the end of the trip.

Annual Policy

Issued to cover goods transported by road, rail or sea, owned by a specified company, or entity employed by the insured party. The insured must belong to or be trusted by the insured.

Hull Insurance

It covers the insurance of the ship and its equipment. I.e., furniture, machinery, tools, fuel, etc. It is common for the ship owner to bring it out.

Freight Insurance

Liability Insurance

This insurance compensates for damages suffered by the insured when a third party is held liable for damages due to a collision of ships, etc.

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