Reasons You Need Marine Hull Insurance Exporting Next Consignment via Water

Marine incidents are unforeseeable. They may occur at any moment. In addition, a ship generally. exports goods or products to another nation. Therefore, it is important to subscribe to marine hull insurance for exporting the next consignment via water. The insurance covers the insured against several types of loss and damages.

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Marine Hull Insurance for Exporting Next Consignment via Water

Generally, people purchase marine cargo insurance in order to secure goods or products. However, a marine owner must care about the vessel and its machinery. The hull is pivotal for exporting goods. Therefore, the insured must purchase marine hull insurance for exporting the next consignment via Water.

Let us understand the importance of marine hull insurance for exporting the next consignment via Water.

Financial Losses

The damages to machinery or marine hull can be substantial. The repairing cost of the body of the ship and its machinery may incur a significant amount. Therefore shipping companies, ship owners, and builders must purchase marine hull policies. The policy shall cover the risk or damages to the body of the ship.
Loan

Whenever an individual purchases a car or home on loan, the financial institution or bank interrogates the insurance policies for the same. Similarly, while purchasing a ship on a loan from the bank, the financial institution requires the ship owner to ensure the marine hull against any damage. Therefore, in case of any loss to the marine hull, the insurance company shall compensate the bank.
Third-Party Liability

The marine hull insurance for exporting the next consignment via Water consists of a crucial clause of the collision. Ship collisions are common. It may occur at any moment in the sea arena.

As a result, the collision is likely to give a rise to a third-party claim. It may further give rise to legal liability and involve the filing of lawsuits for the coverage of damages.

The owner of the ship may incur a heavy loss due to the collision. Therefore, the ship owner must delegate this responsibility to the insurer by subscribing to the marine hull insurance policy. The insurer shall bear the third-party claim and indemnify the insured against several losses.
Coverage

Marine insurance offers coverage against the following risks:
- The insurer shall bear the cost of the hull along with its machinery and equipment.
- Damage to the hull due to fire or theft shall be compensated by the insurance company.
- Accidental damages caused due to earthquake or flood shall be reimbursed.
- Damage caused to the third party shall be borne by the insurer.

Case Study

The policyholder may worry about the existence of an insurance contract upon non-payment of the premium.

Let us understand the validity of the contract by interpreting the following case law.

Dominion Insurance Ltd v Westpac Banking Corporation

Factual Background

The plaintiffs owned an insured vessel. The bank was the mortgagee of the ship. The insured was the defendant in the lawsuit.

The plaintiffs purchased the insurance policy from the defendant (insurer) in 1990 and renewed the policy three times in October 1991, October 1991, and October 1993, respectively. In March 1994, the ship was damaged. The insurer denied the coverage on the ground of non-payment of the premium.
Issue

Whether the non-payment of premiums affects the existence of an insurance contract?
Held

The court interprets the history of dealing with the parties under the said circumstance. Further, the court also analyses the renewal notice. The court in its finding discovered that when the insurer demands the payment for the renewal, it does not expressly or impliedly states the cancellation of coverage due to non-payment of premium.

Therefore, it is the practice of the insurer to renew the insurance without receiving the payment. Hence, the insurance contract shall be valid.

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Conclusion

Marine insurance acts as a safety belt and provides coverage against damages and losses caused to the marine hull. The insured may further subscribe to the add-on cover in order to enhance the scope of the marine hull insurance against war, terrorism, etc.

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Policybazaar for Business - Marine Insurance - Customer Reviews

View all 114 reviews

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4.3

out of 5

Based on 114 reviews

14 users

87 users

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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.

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4.3 January 11, 2023

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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.

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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

114 Review Item

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