Marine insurance is not any type of insurance brought recently to the market, but it has been around for years. Apart from this, with time, it has developed with the expansion of trade.Marine insurance is necessarily concerned with overseas trade. There is a trade, which involves the transformation from one place to another by ships. […]
Marine Cargo Insurance is one of the oldest and most lucrative insurance business in the world. Considering the market share, penetration of technology and other development to this industry is negligible. Due to the hideous process followed by the industry for generating a certificate, a lot of miscommunication and human error can occur which ends […]
Some of the advantages of purchasing this insurance are: The insurance provides financial stability to the business. It helps manage the risks and conduct business without much worries. It compensates for any financial loss that one faces during the transit of goods.
Inland marine insurance is a type of business insurance that helps cover products, materials and equipment while they are transported on land, such as by truck or train. This coverage is meant to help protect business property that is movable or used for transportation or communication purposes.
Specific Policy: Covers the single specific shipment only during the policy period. Open Policy: The agreement between a proposer and an insurer to insure all goods in transit falling within that agreement for a period of time or even indefinitely until the agreement is cancelled by either party. Full premium is collected in advance and adjusted on […]
The fundamental principles of Marine Insurance are drawn from the Marine Insurance Act, 1963* As in all contracts of insurance on property, the contract of Marine Insurance is based on the fundamental principles of Indemnity, Insurable Interest, Utmost Good Faith, Proximate Cause, Subrogation and Contribution. Practitioners of Marine Insurance must familiarize themselves with the Act […]