A Guide to Marine Cargo Insurance

Marine cargo insurance is necessary for businessmen dealing in the shipping business. The ship may encounter unexpected damage that can eventually affect its operations and lead to huge losses. In addition, a natural disaster at sea may cause irreparable loss to the cargo. Hence, the shipping company owner must purchase cargo insurance.

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Marine Insurance

A business dealing with the shipment of goods on a regular basis is more prone to risk. The events are unforeseeable. No one can interpret the damages likely to cause to a cargo.

Therefore, it is important to purchase cargo insurance for the companies involved in the shipment in the international market. They may opt for exclusive coverage of goods carried by cargo.

Need of Marine Policy

One person cannot fully control the activities of a shipment. Therefore, it is equal to impossible to avoid unexpected damage during the shipment of goods. In addition, the environment during the shipment may not be well.

It may deteriorate at any point in time, giving rise to unexpected events. Therefore, the business may purchase marine cargo insurance.

Here are the reasons to buy a marine policy.

  1. Piracy and Theft

    The pirates and thieves may emerge as a serious threat to the shipment. Therefore, the company must avoid this threat by purchasing a marine cargo insurance policy.

  2. Limited Liability

    The ship managers and crew members may not be fully conscious of the nature of goods carried on by the cargo. Therefore, the goods are susceptible to risks and damages.

    Further, the client of the shipping company expects the utmost care for the goods. Consequently, he deserves the appropriate compensation in case of damage to the goods. Hence, the shipping company must insure the goods by purchasing a marine cargo policy.

Learn more about Marine Insurance

Coverage of Marine Policy

A marine insurance policy provides coverage to the insured under the following events.

  1. Fire

    A ship may catch fire in the sea. The fire may damage the goods along with the ship. Therefore, the insured must purchase a marine policy in order to get rid of fire issues.

  2. Sinking

    Ships are prone to sinking which may damage the goods along with the ship. The marine policy provides coverage in case of the sinking of a ship.

  3. Natural calamities

    Natural calamities such as floods, earthquakes, and lightning may occur at any point in time. Marine cargo insurance provides coverage during a natural disaster.

Exclusion of Policy

The marine cargo insurance shall not provide any coverage under the following circumstances.

  1. Inadequate Packaging

    The marine policy does not provide coverage for the damages caused due to inadequate packaging of goods.

  2. Faulty Products

    If damages have been caused due to the faulty products in the cargo, the insurer shall not be liable to provide compensation.

  3. Deliberate Action

    If the damages have been caused due to the deliberate action of the insured, the insurer is not bound to settle the claim.

  4. Strikes and Riot

    If the damage is caused due to riots, strikes, or war, the insurer shall not provide any damages for such actions.

Conclusion

Marine cargo insurance is essential in order to reduce risks associated with the shipment of goods. Moreover, it provides appropriate compensation to the insured at the time of occurrence of the event. Therefore, every business dealing in the shipment of goods on a regular basis must purchase marine cargo insurance.

Written By: PolicyBazaar - Updated: 01 May 2023

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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
13 users
0 users
0 users
3.8 April 20, 2023
Anas
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
Mizoram
4.3 April 03, 2023
Vaishnav
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
Assam
4.3 March 17, 2023
Umang
Excellent Services
I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
Chennai
4.3 February 28, 2023
Vishal
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
Gurugram
4.3 February 11, 2023
Parth
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
Noida
3.8 February 10, 2023
Rishabh
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
Jamshedpur
3.8 January 31, 2023
Arvind
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
Ajmer
3.8 January 21, 2023
Vishal
Excellent Support
The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
Mumbai
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
Pune
3.8 January 01, 2023
Kunal
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.
Indore