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.

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.
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.

Coverage of Marine Policy

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

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.
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.
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.

Inadequate Packaging

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

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

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

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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.

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Disclaimers⁺
*Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
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