Everything You Need To Know About Marine Insurance

Technology is evolving, but the transport business remains risky as it was before. Transporting goods has too many risks despite following safety regulations. Natural occurrences such as weather hazards and cross-border conflicts cannot be controlled. These are very common in water transportation, and the damages associated with these situations can cause significant financial hardship. Good thing, the risk can be managed through a trustworthy logistic service provider, an apt transport packaging, and not to forget – Marine Insurance that ensures safety during transit.

What is Marine Insurance?

A type of insurance that covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transported. The marine insurance policy protects the interests of shipping corporations and transporters by providing them with insurance coverage needed to defend against possible losses. Many legal scholars widely consider this type of insurance as the first type of modern insurance. It provides a haven for shipping companies and couriers because it protects them from costly potential losses while transporting goods by water.

Through marine insurance, ship owners can be sure of claiming damages, especially considering the mode of transportation used. Water transport causes a lot of worry to the transporters because there are natural occurrences that can potentially harm the cargo and the vessel and other incidents and attributes that could cause a massive loss in the financial casket of the transporter and the shipping corporation.

Who should buy this insurance and why?

This insurance can be purchased by any person who is into the business of selling, buying, or even financing various goods. This insurance is necessary because goods are venerable to theft. No matter how well you have prepared for your shipment through the sea, there are chances of loss due to natural occurrences. Also, costly items lead to a bigger loss. You will need this to keep the safety of your expensive items intact.

Another significant aspect is that you can choose the appropriate plan as per the size of the ship, the routes taken, and other points that could go a great length in affecting the transporter majorly.

Things you should know about Marine Insurance

1. There are several types of marine insurance policies, like value, unvalued, annual, floating, time, voyage policy, etc..
2. Claiming takes less time as compared to a liability claim. 
3. Insurance policies are well-defined contracts, and marine insurance has strict policy requirements. 
4. The premiums are affordable!
5. The policy provides worldwide coverage, which is not bound by geographic boundaries.
6. It is available for international as well as domestic trade. It also covers inland transportation of goods by rail, road, and air.

Marine Insurance gives multiple solutions for meeting various business goals. If you are into a business that demands frequent deliveries, you must consider this insurance policy. Malayan Insurance can guarantee you against perils of the sea, such as lightning, damage due to heavy weather, sinking, burning, typhoon, collision, tsunami, barratry, piracy, and jettison.