Marine insurance is a wide terminology encompassing the reimbursement of loss or damage of vessels, freight, terminals or any other mode of transportation which are used in the intermediate time for transportation of the cargo from the point of origin to its destination. Marine insurance provides protection to the whole tribe if importers, exporters, shippers, ship owning companies from any unfortunate event that might befall during the whole process of transportation.
We at Maritime Information pursue to furnish you with comprehensive insight about various aspects of marine insurance helping you to find proper insurance coverage for your business.
Generally UK marine insurance are of following types:
- Marine business insurance- Many UK marine insurance companies provides this type of insurance for shipbuilders and merchant transports. However depending on the type of policy, the marine insurance company can provide coverage to either vessels or cargo or both. The cost of the insurance policy depends on its comprehensiveness. There are basically two types of marine business insurance:
- Facultative policy – This is applicable for single shipment only
- Open policy – Under this insurance all export cargoes are automatically insured. This type of insurance policy is quite useful in case when a transit sets out before the exporter and/or the consignee becomes aware of it.
- Personal watercraft insurance – Similar to automobile insurance it deals with insurance of watercrafts used for noncommercial purpose. It not only provides coverage for the loss of property but also includes watercraft liability coverage and medical insurance to individuals boarding the vessel.
- Marine Cargo insurance- This type of insurance does not include ship insurance rather focuses only on the shipped cargo. The most effective way to defend your financial interest regarding marine import and export is to obtain “All Risks” insurance policy which provides coverage from all physical loss or damage to the goods while in transit. Certain important things that you must remember while getting insurance for freights to be transported are:
- The conditions of leverage or sale determine when insurance is in force.
- Insurance may not be put in force until the cargoes are placed on the ship.
- Insurance may terminate when the goods are disembarked from the vessel or when the goods arrive at the port.
Marine insurance is a complex topic which needs immense attention in order to protect your marine business activities. Designed in a way for your effortless understanding the information provided by us shall enable you to deal with marine insurance companies much efficiently and be able to grab for yourself a proper cost effective insurance for your maritime business related activities.