What is Marine Insurance?
Marine insurance in India is a specific kind of insurance policy that is designed to cover the damage or loss of ships, terminals or any cargo or transport by which the property is transferred, held or acquired between the points of derivation and the concluding destination.
Marine insurance in India also comprises of Offshore and Onshore exposed property, (ports, container terminals, pipelines, oil platforms), Marine Casualty, Hull, and Marine Liability etc. Marine insurance policy being an alternative of the general term ‘insurance’, the name denotes an insurance policy that is specifically provided to ships, boats and most importantly, the cargo that is carried in them.
Marine insurance is mandatory for all ship and yacht owners to obtain, especially where the vessel is to be used for commercial or transportation purposes and where it will be carrying passengers, workers, or cargo across international waters. You should obtain the most favorable insurance policy that covers you for a variety of risks along with obtaining marine insurance online for your vessel or operating business.
Importance of Marine Insurance in India
Marine insurance online has its exceptional importance. Given that a marine insurance ensures transporters and ship owners of claiming damages particularly considering the form of transportation that is used - marine insurance has its unique importance.
There are four modes of transport systems that are used worldwide – road, rail, air and water. Out of these four means of transport systems, water causes a lot of worries to the transporters not only for the reason that there can be various unforeseen natural occurrences that can potentially damage or harm to the vessel or cargo but also because of many other unforeseen attributes and incidents that could cast a huge loss or damage in the financial chest of the shipping corporation or the transporter.
To avoid all such circumstances, it’s very much important to secure whatever marine or similar organization you run. Marine insurance policies help you battle with the huge amount of loss that you could suffer.
