Marine insurance is a type of insurance policy that covers your goods in transit while being transported by air, sea, or land.
This coverage cushions the financial effect of unforeseen losses while moving property from one port to another.
We have a more elaborate article on this. Learn more about marine insurance.
Let’s dive into some frequently asked questions about marine and marine cargo insurance.
Marine Insurance FAQs
What is a marine insurance policy?
Marine cargo insurance is a type of property insurance that protects property while in transit against risks of the sea, air, rail, road, and inland waterways.
What is the importance of marine cargo insurance?
Marine cargo insurance protects your investment by covering your products in the event of loss, damage, or delay. Without marine cargo insurance, every good is handled, stored, and transported at the risk of the shipper, owner, and consignee.
What are marine risks?
Marine risks are any and all cases of cargo theft, loss, or damage such as stranding, sinking, burning, collision, management error on the vessel, boilers bursting, latent flaws in the hull, explosion, water harm, stormy weather, ships perspire, condensation, improper carrier stowage, pilferage or theft, leakage or breakage during delivery.
What are the features of marine cargo insurance?
- Proposal and Acceptance
- Payment of Premium
- Contract of Indemnity
- Insurable Interest
- Utmost Good Faith
- Principle of Subrogation
- Principle of Contribution
What are the 5 principles of marine insurance?
Marine insurance works on the principles of insurable interest, utmost good faith, indemnity, proximate cause, and loss minimization.
Learn more about marine insurance principles.
Is marine insurance compulsory?
Since your business involves the sea and ports, it is critical to be completely compliant in order to safeguard yourself, staff, clients, and company.
How is marine insurance different from other insurance?
Marine insurance insures vessels from physical damage and other disasters while other insurance policies focus on other things.
What is not covered in marine cargo insurance?
Earthquakes, volcanic eruptions, lightning washing overboard, ageing by sea, lake, or river water, loss due to improper packing, riot, and civil unrest.
The purpose of marine insurance is to protect cargo owners and/or financiers against financial loss resulting from physical loss, damage, and other expenditures during the shipping process.
Ready to shop for marine insurance?
Here at Leadway, we have a range of marine insurance products to cover your vessel or fleet against physical damage while in transit over water. Looking to do more in-depth research to find the one that works for you, request a callback today, and our team of financial advisors will reach out to you.