International or cross border trade has its beginnings in ancient times, whereby people began exploring distant lands in search of goods to barter or conquer new geographies. Besides moving by foot or horses, sea was one of the popular options used by people to traverse distant places.
However there were plenty of unforseen risks like bad weather, collision or attacks by sea pirates or robbers and the fatalities used to be very high. These perils ushered in one of the oldest forms of Insurance viz; Marine Insurance or now loosely called transit insurance which not only protected the Ship but also the cargo being transported.
Broadly there are three types of Marine insurance
- 1) Cargo Insurance
- 2) Freight Insurance
- 3) Hull Insurance
Most of these policies have flexible underwriting process and are open policies, which can be customised.
- Marine insurance for Cargo Ships transporting Goods across the world
- Worldwide global coverage
- Marine Policy for Every Type of Goods Transported
- Marine insurance policies do provide extensions to provide protection against damages caused due to riots, strikes and other such perils
Packed or general Cargo:
Packed cargo refers to break bulk (goods in boxes, crates, drums and on pallets), neo bulk (lumber, paper, cars and trucks) and unitized cargo (packed in containers)
Unpacked or bulk cargo:
Bulk cargo includes Liquid/Wet Bulk (petroleum, gasoline, LNG [Liquefied Natural Gas], liquid chemicals, Juice & Wine in tankers) and Dry Bulk (coal, grain, iron ore, bauxite & cement carried in bulk carrier)
Covers Available :
- Import or export shipments.
- Goods which are being transported via sea, rail, air, road or post.
- Goods being transported by coastal vessels which ply between different ports inside the country.
- Goods which are transported via vessels plying along rivers.
Marine Insurance policy Exclusions:
- Routine wear and tear or ordinary leakage.
- Incorrect and inadequate packaging of goods being transported.
- Damage caused due to delay.
- Damage caused willfully or intentionally.
- Damage caused due to civil commotion, strikes, war, riot, etc.
- Any damage or loss occurring due to bankruptcy or financial default of the owner of the transport vessel.
On the VALUESHIPR (www.valueshipr.com) platform, we encourage all our Shipper or Cargo owners to avail of Marine Insurance during transportation of their goods. The premium in comparison to the Value of goods is very marginal. VALUESHIPR had deep relationships with Insurance providers which enables you to get Marine Insurance cover in a fraction of minutes, with few clicks. ( Register on www.valueshipr.com)Availing of Marine insurance brings safety, confidence and healthy business environment besides, peace of mind for all Shippers.