What are the Kinds of Marine Insurance Coverages Available in India?

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Insurance has become a requirement that cannot be overlooked in today’s day and age. Be it for your life, health, vehicles or even your business. If you are a business owner, ensuring your goods are available at the place of consumption is crucial and to safeguard these goods, a marine insurance policy is must-have insurance cover. 

Marine policy is a form of commercial insurance where damages or losses to the goods during transportation are covered by the insurer. It can be due to the various losses caused to the cargo vessels, ships or even at loading / unloading at the docks. Not only does this policy cover the transit of the shipment, but also when it is grounded. Comprehensive and extensive coverage for different types events, customisability as well as flexible to meet your requirements are some of the highpoints of a marine insurance plan. Let’s look at some of the different kinds of marine insurance plans that can be purchased – 

Marine cargo insurance 

As the name suggests, this type of marine insurance policy covers the losses that are caused to cargo during transportation. The insurance coverage is available not only to for the cargo, but also for the owner of the cargo. It also includes protection against the damages due to delay in the journey, ship accident or even unloading. This policy extends its coverage to protect against third-party liabilities which may be caused to the ship, port or other medium of transport.

Liability insurance

A liability insurance plan safeguards the owner of the ship against any claims made by the cargo owners. Since the ship is exposed to various perils like a crash, collision or event pirate attack, a liability insurance coverage by the ship owners help manage these liabilities by cargo owners in case of damages to the ship eventually impacting the cargo. 

Hull insurance

A hull insurance cover ensures protection to the vessel itself along with any articles and furniture on the ship against unexpected damages. This kind of insurance coverage is a must-have for ship owners since it offers protection essential coverage. 

Freight insurance

This insurance cover compensates the shipping company for any loss or damage to the freight carried by it.

Open marine insurance policy 

This kind of marine insurance is valid for a specific duration and includes the coverage for all the shipments during that period. 

Time policy

As the name suggests, this form of insurance plan has a pre-defined validity wherein the insurance coverage is valid for. 

Voyage policy

Insurance can not only be bought for a specific duration, but also for a particular journey. This is possible using a voyage specific marine insurance cover.

Floating policy

As per a floating policy, the amount of claim is the only thing that is determined from the start. All other details about the ship and the cargo are specified once the ship starts to sail. This policy is ideal for those ships that are involved in shipping business and have frequent cargo trips. 

These are some of types of marine insurance plans available in India. Selecting a policy that suits you the best ensure optimal coverage for you goods. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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