Running an Export/Import Business in India? Here's Why You Need Marine Insurance
Why do you need marine insurance in the business of import and export? This is a relevant question for individuals who highly rely on marine transit for the business of import and export. With liberalization, the Indian economy has witnessed an incredible growth rate. Import/export is one of the prominent causes of such evolution. It helps the economy of developing nations to grow rapidly. However, the individuals running their import/export business in India must consider the safety of goods to be imported and exported across the globe. They must purchase a marine insurance policy in order to protect the goods against loss and damages.
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Running an Export/Import Business in India? Here's Why You Need Marine Insurance
Why Do You Need Marine Insurance in the Business of Import and Export?
An individual has no limit to expanding his business in the era of globalization. The domestic borders permit the business to conduct international trade. It also boosts the economy of respective countries. International trade or import/export business is one of the keys to growing the economy.
However, a business must consider its profit and loss while operating international trade. It must comprehend the measures to evade losses in such businesses. Marine insurance products are significant ways to avoid losses and damages to goods. Such an insurance policy states the reasons, why you need marine insurance in the business of import and export.
Let us discuss why you need marine insurance in the business of import and export.
Reduce Losses
The goods loaded or unloaded from the ship for import or export may encounter an unforeseeable event. Such events include sinking, robbery, piracy, storms, etc. It may cause financial injury to the business. In addition, the business, in the absence of active marine transit insurance, may end up losing the goods. No compensation shall be provided in the absence of an insurance policy. Such a scenario must be avoided by the individuals.
In order to circumvent such events, the business must invest in insurance policies dedicated to import and export business. It is a wise initiative in order to protect the business from incurring losses. Such insurance policies shall lower the risk of a firm. In addition, it shall provide appropriate compensation as a benefit to the business in case of loss or damages caused to the goods.
However, the insured may expect a higher claim than what the insurance company intends to pay. It may happen on the basis of an assessment of risk conducted by the insurance company. The parameters determined by the insurance company in order to estimate the loss or damage may end up allocating a low claim.
Therefore, the insured must approach a renowned insurance company that follows internationally recognized principles. Such defined principles are known as Institute Cargo Clauses (ICC). The ICC has three categories to estimate the value of the loss. These are:
ICC (A)
ICC (B)
ICC (C)
The insured does not need to worry about the estimation of loss if he opts for the right institute clause as per the requirement of business.
Add-on Coverages
There may be instances where the policyholder may feel the requirement of extra coverage in order to cover the loss and damages to the goods. The marine insurance policy allows the policyholder in order to extend the coverage by allocating some extra premium.
Marine Insurance Premium Calculator
New machinery or equipment for industrial use
Iron & steel rods, metal pipes, tubes
Electronic and white goods
All types of FMCG commodities
All kinds of food like oils essence flavours and other various packed items
Automobiles
New machinery machine tools and spares in closed ISO containers
Solar panel
Machinery machine tools spares duly packed/lashed
Stationery items
Timber and wood products
Edible oil in tanker
Aggregators/Transporters
All types of containers
All types of paints duly packed
Auto spare parts
Ceramic products and tiles
Edible vegetables or fruits and nuts or peel of citrus fruits
Granite and marble
Metal hand tools
Metal scrap in ISO container
Metals of all types excluding precious metals
Non hazardous chemicals in bags
Pharmaceuticals and bulk drugs
Rough marble in blocks
Toys, games and sports equipment
Used CPM machines and equipments
Used machinery machine tools and spares in closed ISO container
But, we have offline plans ready.
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Conclusion
Running an import/export business in India is challenging. It includes a variety of risks. The business must avoid such risk in order to lower the losses. Therefore, the business must purchase a marine insurance policy to avoid losses.
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.
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.
*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.
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