Marine Insurance
What is Marine Insurance?
Marine Insurance, also known as Transit Insurance, is an insurance policy that covers your goods while they are in transit. All means of transport – land, sea, or air are covered under this policy.
Who should purchase this policy?
Marine Insurance can be purchased by the following parties –
- Seller
- Purchaser
- Owner of the Transport
- Third-party organizing the transportation of goods
Benefits/Coverages of the Policy
- Fire, explosion, or sinking
- Natural calamities like earthquakes, floods, lightning, etc.
- Collision, overturning, or derailment
Ad-Ons
- Jettison
- Washing Overboard
- Survey Fees
- Cost of Reconditioning
- Forwarding Expenses
Exclusions of the Policy
- Normal wear & tear of goods in transit
- Damage due to poor packaging quality
- Intentional Loss or Damage
- Wars, Strikes, Riots, etc.