Looking to invest in marine insurance? Let’s tell you about the top salient features of a marine insurance policy

When your business extensively involves transiting of goods through varied channels like air, water or road, then it is imperative for you to equip your company with an insurance policy. Even though it may sound extremely simple, but the insurance policy that governs your transits and protects the goods and fleet equally, has many features and benefits. Yes, this policy is better known as the marine insurance policy and it is the right policy you need to be equipped with to lay a strong foundation of support for your export-import business.

Who needs the marine insurance?
Before getting into the salient features of this insurance policy it is important to understand who this is a perfect fit for. A marine insurance policy can impact several industries at one go – sellers, distributors, traders, law enforcement, tax authorities, buyers, insurers, logistics companies, and several other entities. This is why, to accelerate a seamless lifecycle for every shipment, the industry needs to abide by the principles of marine insurance.

What are the important features of marine insurance?
Once you are aware of the importance the marine insurance policy holds for you, it is time to decode the coverage a little in detail to understand the finer details of the same. Let’s outline the feature of the policy in detail here.

  • One important the marine insurance is that you can choose the insurance plan as per the size of your cargo, the routes that are taken by you to transport the cargo and many such minor points that could go a great length in affecting your company majorly.
  • Not only can you get insured for your goods in transit, but in case you have to hold up the goods in ports or warehouses, you can get coverage to sustain losses in mishaps arising at the storage spot.
  • The marine insurance policy is extremely well-rounded and keeps you safe from every future hazards arising to your goods and fleet in transit. This can range from a series of natural factors to accidents, fire, and damages incurred on the goods.
  • If need be, you can also purchase a floating marine insurance policy. This is more of an open policy where all the things are not defined clearly. This means the terms are mostly left open basis the future occurrences. For example, the general terms are mentioned but specifics such as the vehicle, cargo etc. are left open ended. You stand to benefit from this open-ended nature of the policy, this is because you do not have to pre-decide on the fleet or its movement and can wait to update the policy each time you initiate a movement.
  • A comprehensive marine insurance policy offers an extra layer of protection and covers your shipment against events such as earthquake, volcanic eruption, and damage due to rainwater, seawater, river water, etc., and loss to package overboard or during loading and unloading. Apart from this, the policy also covers all risk of loss or damage to the goods.
  • It is important here to understand that claiming a coverage for marine insurance is not possible when the incident of damage is misappropriated and deliberate. This is to say, mishandling of goods at the dock or during shipping will not count under the policy terms. The accidents cannot be induced, but has to happen naturally in order to claim a coverage on goods for marine insurance.

Marine insurance policies also cover complex transits and it guards the interest of both the insurer and the insured. So, keeping in mind the elaborate stance of the policy and in order to gain maximum leverage of a coverage that you get to buy, you must firstly choose the right policy. Claim settlement in marine insurance is one of the key factors you need to consider and account for when buying the policy. Once you have all the details in hand and are ready to seal the deal with a policy that you know will help you navigate through the rough waters, get in touch with a trusted insurance agent to take the conversation ahead. Akshar, being the best marine insurance agent in Mumbai stands for its 65 years of legacy and brings to the table experience, which you can trust. They personalize your requirement and offer you only the best, so start your insurance journey now with Akshar.

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