The maritime industry is not exempted from today’s unprecedented global uncertainty. With the increase in governmental regulation and environmental standards, along with technological advancements and unforeseen natural disasters, the need for marine insurance has increased manifolds. There are many types of marine insurance policies available, which can be opted for, based on the need. A marine insurance blanket policy is one of the offerings which has recently received a lot of importance. In the article below, we shall understand why this insurance is needed and we will explore the features of the blanket marine insurance policy.
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Marine insurance is an insurance policy that offers coverage for damage or loss to goods, vessels, etc. in transit. In general terms, it is insurance provided to the cargo, ships, marinas, equipment etc. Marine insurance and its benefits cannot be ignored if your business is involved in shipping or related activities where there is frequent transit of goods from one destination to another. Let us look at some of the reasons why this insurance is important:
- Accidents can sometimes be inevitable
- Increase in theft
- Huge losses can be incurred
- Increase in natural disasters
- Faster claims settlement compared to a liability claim
What is Marine Insurance Blanket Policy?
Marine insurance blanket policy, also sometimes referred to as marine open cover, is one of the most common and comprehensive types of insurance available to the insured. This policy is taken to cover damages or losses within a specific period. A marine insurance blanket can cover the following three dimensions under one single policy:
- Different assets at a single location
- Same asset at different locations
- Different assets at different locations
This comprehensive policy provides maximum coverage for a premium. The policy is taken for a certain pre-decided premium amount. The complete premium amount is paid at the beginning of the policy and is later re-adjusted at the end of the policy tenure. This adjustment is based on the actual amount at risk.
If the premium amount is more than the actual risk, the difference is returned to the insured at the end of the tenure. Similarly, if the premium amount is less than the actual risk, the insured will have to pay an extra premium to cover the cost.
Features of Marine Insurance Blanket Policy
Here are some of the features of a marine insurance blanket policy:
- This policy is designed specially to help the companies that have high business transactions or volume related to import and export.
- With a marine insurance blanket policy, the companies are not required to undergo different insurance agreements every time they have a transaction. A single policy enables them to do multiple transits within a specific time frame.
- Since it is a blanket cover, it provides coverage under the goods insured, packing conditions, voyages, risks covered, etc. based on the conditions agreed upon.
- Even though the blanket cover has a validity of 12 months, it can be cancelled by the insured by submitting a prior written notice to the insurer.
Marine insurance is essential for shipping corporations, transporters and similar parties as it helps to reduce the aspect of financial loss in case of loss of cargo. With a marine insurance blanket policy, you can enjoy comprehensive coverage for continuous business. The insured thus do not have to buy a new policy every time a shipment is sent.
Written By: PolicyBazaar - Updated: 17 November 2023
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.
4.3 April 03, 2023
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.
4.3 March 17, 2023
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.
4.3 February 28, 2023
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
4.3 February 11, 2023
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.
3.8 February 10, 2023
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.
3.8 January 31, 2023
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.
3.8 January 21, 2023
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.
4.3 January 11, 2023
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.
3.8 January 01, 2023
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.
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