The importance of marine insurance

Getting detailed info on will help you enjoy the best benefits of the policy. The plan is available with most of the leading insurance companies in India these days such as ICICI and others.

Health, travel, car, student and life insurance policies are not unheard of by most people in India these days. However, a marine insuranceis not a common term. In fact, most people might not be aware of the fact that a marine insuranceis available for them. What is marine insurance?

A marine insurance contract can be defined as an agreementbetween the insurance company and the buyer whereby the insurer accepts to guarantee the assured, in the manner and to the extent agreed, against losses incidental to a marine adventure.

Marine adventure indicates when aninsurable property is exposed to possible maritime hazards. These are actually dangers subsequent to sea navigation. The term ‘sea perils’ is used by the insurance companies only to accidents or emergencies of the sea. This will not include the regular action of the waves and winds.

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Common maritime perils considered by insurance companies include the following listed below and a lot more as per the company rules and regulations:
• Fire
• War associated dangers
• Pirates attack
• Seizures
• Jettison
• A lot more
Four types of marine insurance are offered by insurance companies these days:
Cargo marine insurance
The plan includes the goods or cargo inside the ship. It also insures personal belongings of the all the crew and passengers.
Hull marine insurance

It effectively covers the vessel and associated equipment insurance.

This indicates that the policy will cover a lot of things includingmachinery, furniture, related fittings, fuel, tools etc. This is usually effected the ship owner.
Liability
This is the policy of the insurer that he undertakes to indemnify against various losses which the insured may suffer due to liability to a third party caused via ship collision and similar hazards.
Freight marine insurance

This plan will provide adequate protection against various losses of freight. In most of the cases, the owner of goods requires paying freight, under the contract terms only under the circumstances where the goods can be safely delivered at the destination port. In case, the ship loses its way or the cargo gets damaged or stolen, the shipping company will lose the freight. The freight insurance plan will offer protection against such risk.

In a marine insurance contract,the insured should have insurable interest in the subject material insured during the loss. It is not necessary for the insurable interest to be present at the time of buying a policy. The following individuals are deemed to get insurable interest:
• The ship owner
• Cargo owner
• A creditor with advanced money on the ship or cargo security
• The crew and master of the ship
• In case, the insurance subject matter is mortgaged, the mortgagor possesses insurable interest.
• A trustee holding property in trust