Marine Insurance

MARINE redress Marine insurance is the indemnity for the loss of chargeage or detriment to ships during the shipment. The risks that naval insurance covers argon fire, seizures, wars, accidents or causalities which take place over the sea. The winds and waves ar non included as risks in the nautical insurance. The Indian Marine indemnity Act, 1963 is imbibed from the Marine redress Act, 1906. Though the Marine restitution Act is lately in its insurance coverage, it does not provide for losses that occur while the ship is piloting the waters.This has guide to the introduction of an different insurance c onlyed the Marine incubus Insurance, which provides for losses to lode while the ship is sailing the waters. This is re every last(predicate)y sound 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 requirement. They argon HullInsurance T his insurance covers for both watercraft and its apparatus such as fuel, tools, furniture, machinery etc. payload Insurance This insurance ordinarily covers for the loss of freight.If the goods are safely shifted to the destination port, the owner of goods will swallow to pay the freight charges but if the ship faces every damages and losses, the shipping company will be under loss. Hence this insurance becomes a urgency to the owner company Cargo Insurance- This insurance covers the private goods of the passengers and crew of the ship. It also covers the goods that are transported. Liability Insurance This is the insurance which is utilized when the check suffers losses referable to liability to third party.This liability whitethorn be caused due to risks such as collision of ships or any other similar causality that may take place in voyage. Types of Marine Insurance Policies There are various types of shipboard soldier insurance policies that the assured jakes opt for T ime defecate _or_ system of government- This constitution is taken for a time period of usually nonpareil year Voyage Policy This policy coverage is given only for a peculiar(a) voyage say from starting point to the destination. miscellaneous Policy As the name suggests it is a mixing of both voyage and time policy. Valued Policy In this case, an supererogatory 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 decided after the incident after proving it. Floating PolicyThis policy is beneficial to exporter who provides reparation supply of goods. This policy is taken for great sum of money for numerous shipments. Other heavy Pointers * Marine insurance is available in all general insurance companies. * The insurance amount may vary from one company to another. It is important th at the insured 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 PoliciesOne shipment of goods for one voyage I. E. One Off risks. Annual Policies fitting for an irregular flow of business, deposit premium ground on turnover, declarations at agree intervals, annual enrollment and renewal. Permanent Open CoversSuitable for a regular flow of business, automatically covers all goods specified, declarations at agreed intervals, policies and premiums debited at agreed intervals. TYPES OF COVER AVAILABLE establish cargo clauses (A)Widest form of cover available, insures all risks with state exclusions.Institute cargo clauses (B)Restricted form of cover, insures against major accidents to carrying vas 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. struggle and strike clausesStandard extension available for (A), (B), and (C). duration of coverWarehouse to warehouse during ordinary agate line of transit. RatesIndividually assessed on merit, no tariffs other than war risks and overage of vessel. For commercial goods the sale get governs the needs of sellers and buyers for insurance.