Franchise Clause in Marine Insurance and How Does It Work?

Marine transport (specifically, waterways) is exposed to a relatively higher degree of risk as compared to the other modes of transport. The perils that affect the transit are the risk of weather or natural hazards, international conflicts, theft and attacks, etc. This makes marine insurance an essential component for all the parties associated with the transit of goods. In the article below, we shall understand the franchise clause in marine insurance.