Marine Insurance

MARINE indemnity shipboard soldier indemnification policy is the indemnity for the leaving of shipment or damage to ships during the expeditiousness. The risks that marine insurance covers be fire, seizures, wars, accidents or causalities which take place over the sea. The winds and waves are non included as risks in the marine insurance. The Indian marine indemnity Act, 1963 is imbibed from the Marine redress Act, 1906. Though the Marine Insurance Act is heavy in its insurance insurance reportage, it does not provide for losings that occur temporary hookup the ship is sailing the waters.This has led to the introduction of another insurance c altogethered the Marine Cargo Insurance, which provides for losses to cargo while the ship is sailing the waters. This is rattling proficient to oil tankers and heavy cargo ships. Types of Marine Insurance Since Marine Insurance is very vast, it provides for various types of insurance as per the need, specification and requiremen t. They are HullInsurance This insurance covers for both vessel and its apparatus such(prenominal) as fuel, tools, furniture, machinery etc. Freight Insurance This insurance usu eithery covers for the loss of freight.If the goods are safely shifted to the destination port, the owner of goods will have to have the freight charges but if the ship faces any damages and losses, the shipping association will be under loss. Hence this insurance becomes a extremity to the owner company Cargo Insurance- This insurance covers the personal goods of the passengers and crew of the ship. It too covers the goods that are shippinged. Liability Insurance This is the insurance which is utilized when the insured suffers losses due to liability to third party.This liability may be caused due to risks such as collision of ships or any other correspondent causality that may take place in voyage. Types of Marine Insurance Policies There are various types of marine insurance policies that the assur ed potty opt for Time Policy- This policy is taken for a time degree of usuallyone year Voyage Policy This policy c old is given only for a particular voyage say from startle point to the destination. Mixed Policy As the name suggests it is a compartmentalisation of both voyage and time policy. Valued Policy In this case, an additional fixed value is mentioned in the policy itself along with the value of goods.For example, along with goods the charges can also be added such as freight charges and shipment charges. Unvalued Policy Here no additional charges are mentioned. It is pertinacious after the incident after proving it. Floating PolicyThis policy is beneficial to exporter who provides regular supply of goods. This policy is taken for large sum of bullion for numerous shipments. Other Important Pointers * Marine insurance is available in all general insurance companies. * The insurance amount may vary from one company to another. It is principal(prenominal) that the in sured makes a note of the coverage made by the insurance companies as few companies may not cover all the losses of the shipment. * With the increasing attacks by pirates and natural calamities, it is important to have a marine insurance that takes care of the risks aboard. PROGRESSIVE INSURANCE COMPANY. What is marine insurance? Insurance against loss or damage to cargo goods and merchandise during land transit/sea voyage/air transport from and to Cyprus. Insurance for shipments not involving Cyprus can also be provided. Prospective clientsFor all merchants, manufacturers, importers and exporters.TYPES OF POLICIES AVAILABLE Individual Policies whizz shipment of goods for one voyage I. E. One Off risks. Annual PoliciesSuitable for an irregular flow of business, deposit pension based on turnover, declarations at agreed intervals, annual adjustment and renewal. long-lasting Open CoversSuitable for a regular flow of business, automatically covers all goods condition, declarations at agreed intervals, policies and premiums debited at agreed intervals. TYPES OF COVER AVAILABLE lend cargo clauses (A)Widest form of cover available, insures all risks with stated exclusions.Institute cargo clauses (B) dependant form of cover, insures against study accidents to carrying vessel or conveyance, can include specified additional perils. Institute cargo clauses (C)Most restricted form of cover, insures against major accidents to carrying vessel or conveyance only. War and strike clausesStandard address available for (A), (B), and (C). Duration of coverWarehouse to warehouse during ordinary fly the coop of transit. RatesIndividually assessed on merit, no tariffs other than war risks and overage of vessel. For commercial goods the sale contract governs the needs of sellers and buyers for insurance.