Globalization has opened the doors for marine transportation services. No matter what borders your goods are aimed to clear — land, ocean, or international ones, it is difficult to ensure safe transit of goods. At the same time, your business reputation is also associated with the safe and timely delivery of the cargo to your clients. What makes this possible? Marine Insurance.
What is Marine Insurance?
Marine Insurance is financial damage cover for the marine industries for cargo in transit, including all the vital services related to it. It assists in safe transportation of the shipment from one port to another. It ensures the availability of products as well as raw materials that form the lives of massive projects set up miles away from the home shores.
What is covered?
The coverage varies based on the risk management requirements of the customers. But the four main damages covered are as follows:
- Marine cargo coverage
These policies cover the damage caused to the cargo in transit for any stakeholder, be it an importer, exporter, raw material supplier, or a manufacturer. Tailor-made policies can be availed according to the requirements where the domestic transit cargo along with its storage facilities, warehouses, processing, and other risks related to these processes can be covered under the insurance.
- Damage caused to marine liabilities
Liability insurances are offered for the facilities that go hand-in-hand with marine transits. Thus, marine insurance covers the following liabilities:
- Marine pilots
- Marine transit contractors
- Ship maintenance
- Shipping companies
- Port Agencies
- Vessel charterers
- Damage caused to pleasure crafts
Yachts and cruises moving on the oceans with thousands of tourists can also be covered under marine insurance. It covers the damage caused to these vessels by means of theft, accident, sinking of the ship, or any such reasons. Moreover, the insurance also covers the cost of third-party injury in the case of water skiers.
- Loss Prevention
Some insurance companies also provide loss/ risk prevention guidance through their experts when you opt for purchasing their marine insurance. This guide helps you to lower the risk of any damage to your cargo when it travels the journey of several miles in the waters. You save your reputation and business relationships by taking this small step of risk prevention.
Who can opt for it?
Following stakeholders need to be keen on opting for marine insurance as they deal with marine transportation of goods frequently:
- Inland Marine
- Primary producers
- Marine liabilities
- Tourism industry owners
- Mining industries
Do note that there’s a limit to coverage of any insurance and every company has its own exclusion criteria that varies based on the plan.
Get a Quote
Now, as you know about marine insurance, and you have sensed that you need one, contact us at 2Bsure. We are insurance brokers and will guide you through every action of your insurance plans.