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.

₹10 Lakh cover at only ₹591/transit⁺

Protect your goods with

single transit cover

We don't spam

Check premium now

By clicking on "Check premium now" you agree to our Privacy Policy and Terms Of Use

Get Updates on WhatsApp

Wallet-friendly plans
24/7 claim support
IRDAI-certified advisors

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.

Marine Insurance Premium Calculator

Type of Cover

Single Transit

Annual Open

Where will your products be shipped to?

Inland

Import

Export

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.

View More

Learn more about Marine Insurance

Annual open Policy

Read More

Single Transit Policy

Read More

Sales turn over Policy

Read More

Transit Insurance

Read More

Marine Insurance

Read More

Cargo Insurance

Read More

Read More

Download Policy Wordings of TATA AIG

Marine Insurance Companies

View more insurers

Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Commercial Insurance Products

Group Health Insurance

Marine Insurance

Cargo Insurance

Workmen Compensation Insurance

Professional Indemnity

Fire Insurance

Shop Insurance

Comprehensive Liability Insurance

Construction All Risk

Erection All Risk

Cyber Insurance

Directors & Officers Insurance

Contractor's Plant & Machinery

Office Package Policy

Group Personal Accident Insurance

Group Life Term Insurance

Drone Insurance

We don't spam

View plans

By clicking on " Check Your Premium Now " you agree to our Privacy Policy and Terms Of Use

Marine Insurance Articles

Popular Articles
Recent Articles

Why Is Insuring Your Household Articles Important During Transit?

Why Is Insuring Your Household Articles Important During Transit?

When moving to a new home, safeguarding your household articles during transit is crucial. Transit insurance...Read more

27 Oct 2020 by Policybazaar 20344 Views

Warranties in Marine Insurance

Warranties in Marine Insurance

Warranties in marine insurance are referred to as assurance of coverage provided by the insurer. It outlines the...Read more

20 Jul 2023 by Policybazaar 10855 Views

Types of Marine Losses

Types of Marine Losses

In the shipping business, different types of losses can happen. Marine insurance helps manage these risks by...Read more

23 Nov 2022 by Policybazaar 14939 Views

6 Not to Forget Principles of Marine Insurance

6 Not to Forget Principles of Marine Insurance

The principles of marine insurance are essential for maintaining fairness and consistency in the delivery of...Read more

10 Feb 2020 by Policybazaar 18784 Views

Difference between Marine Open Cover & Marine Open Policy

Difference between Marine Open Cover & Marine Open Policy

Marine insurance and its advantages cannot be ignored if you are in a shipping business or your business needs...Read more

19 Aug 2022 by Policybazaar 12886 Views

Insurance for Transporting Goods in India

Insurance for Transporting Goods in India

In the intricate web of India's transport industry, the movement of goods plays a vital role in driving the...Read more

03 Nov 2023 by Policybazaar 7628 Views

What is Carrier Legal Liability Insurance?

What is Carrier Legal Liability Insurance?

Within the transportation industry, where goods traverse vast distances across different modes of transport,...Read more

29 Apr 2024 by Policybazaar 6443 Views

Transit Insurance for Delivery Business

Transit Insurance for Delivery Business

Whenever goods and commodities are on the move, they are at risk of damage. A logistics company's reputation can...Read more

28 Feb 2024 by Policybazaar 6091 Views

What is Multimodal Transport Operator Insurance?

What is Multimodal Transport Operator Insurance?

Multimodal Transport Operator Insurance provides crucial financial protection to Multimodal Transport Operators...Read more

20 Mar 2024 by Policybazaar 4758 Views

Incoterms Explained Marine Insurance

Incoterms Explained Marine Insurance

Incoterms or International commercial terms are some standard terms published by the ICC (International Chamber of...Read more

10 Aug 2023 by Policybazaar 7384 Views

International Cargo Clauses & Inland Transit Clauses in Marine...

International Cargo Clauses & Inland Transit Clauses in Marine...

Marine insurance coverage is divided into two types. One is International Cargo Clause (ICC) and the second is the...Read more

13 Aug 2022 by Policybazaar 15424 Views

Documents to Submit Along with Claim Form in Marine Insurance

Documents to Submit Along with Claim Form in Marine Insurance

Marine insurance covers various risks faced by shipowners and cargo owners during transit. Whether it is marine...Read more

25 May 2023 by Policybazaar 8401 Views

Documents Required for Import-Export Customs Clearance

Documents Required for Import-Export Customs Clearance

Any shipment moving from one country to another requires customs clearance. Apart from international laws and...Read more

22 Nov 2022 by Policybazaar 15679 Views

Inland Transit vs Marine Cargo insurance

Inland Transit vs Marine Cargo insurance

If your business involves the transportation of finished or unfinished goods or raw materials, you probably need a...Read more

15 Nov 2022 by Policybazaar 10887 Views

Top Import Export Business Ideas for Sellers in India

Top Import Export Business Ideas for Sellers in India

India's import-export sector has experienced rapid growth in recent times. This is due to globalisation...Read more

27 Aug 2025 by Policybazaar 6265 Views

What is the Customs Tariff Act 1975?

What is the Customs Tariff Act 1975?

India's international trade relies on rules that define how...Read more

05 Jan 2026 by Policybazaar 2199 Views

What are E-commerce Exports?

What are E-commerce Exports?

E-commerce exports refer to selling and delivering products or...Read more

26 Sep 2025 by Policybazaar 1427 Views

What is Anti-Dumping Duty?

What is Anti-Dumping Duty?

Anti-Dumping Duty (ADD) is a tariff imposed by governments to...Read more

25 Sep 2025 by Policybazaar 1998 Views

What is MEIS?

What is MEIS?

The Merchandise Exports from India Scheme (MEIS) was introduced...Read more

11 Sep 2025 by Policybazaar 1648 Views

Top Import Export Business Ideas for Sellers in India

Top Import Export Business Ideas for Sellers in India

India's import-export sector has experienced rapid growth in...Read more

27 Aug 2025 by Policybazaar 6265 Views

12 Documents Required for Exporting Goods from India

12 Documents Required for Exporting Goods from India

In foreign trade, the significance of proper documentation...Read more

09 Jun 2025 by Policybazaar 3760 Views

What is Export?

What is Export?

Export is the sale of goods and services manufactured in a...Read more

30 Apr 2025 by Policybazaar 3720 Views

Types of Shipping Containers with Size & Dimensions

Types of Shipping Containers with Size & Dimensions

Shipping containers have evolved over the years. Now, businesses...Read more

25 Apr 2025 by Policybazaar 1999 Views

How to Choose the Right Shipping Line in 2025: Top 5 Key Factors

How to Choose the Right Shipping Line in 2025: Top 5 Key Factors

Selecting the right shipping line is crucial for Indian...Read more

07 Apr 2025 by Policybazaar 2378 Views

How to Create a Freight Forwarding RFP for Shipping?

How to Create a Freight Forwarding RFP for Shipping?

RFP, or Request for Proposal in freight forwarding, is a formal...Read more

03 Apr 2025 by Policybazaar 2102 Views

What is Pallet Shipping?

What is Pallet Shipping?

Pallet shipping is a mode of transporting goods using pallets to...Read more

02 Apr 2025 by Policybazaar 2350 Views

What are High Cube Containers in Shipping?

What are High Cube Containers in Shipping?

‘High Cube containers’ is a category of shipping containers...Read more

02 Apr 2025 by Policybazaar 3983 Views

International Shipping - How to Start Shipping Internationally From...

International Shipping - How to Start Shipping Internationally From...

Expanding your business to international markets can be a...Read more

01 Apr 2025 by Policybazaar 2233 Views

Products to Export from India

Products to Export from India

India has largely been an agricultural economy, but has turned...Read more

18 Mar 2025 by Policybazaar 5044 Views

Modes of Transportation Covered Under Marine Insurance

Modes of Transportation Covered Under Marine Insurance

Marine insurance is essential for protecting goods during...Read more

23 Oct 2024 by Policybazaar 3712 Views

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
By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

Claude

Insure your shipment & protect your goods from

overturning