Marine Insurance Online | Digital Cargo Insurance

Eonepay offers digital insurance products to their customers through a fully integrated experience that is embedded in their own front-end environment. Boost’s API-driven infrastructure-as-a-service platform significantly reduces the cost of building and managing an insurance business by packaging the necessary operational, compliance, and capital components and making them accessible through a simple integration.

• Offerings that save them time and decreasing the paper dependence
• Services that cater for unique needs and circumstances
• Transparency, Trust and confidence

ON BOARDING

Commercial insurance with digital concierge services that enables customers to navigate in self-boarding the process helps in getting connected to the value-added services they want, and to feel informed, and valued across the process.

Types of Cargo Insurance

Cargo insurance can be taken for international as well as domestic transportation. At the same time, this is really difficult to standardize and control without the proper cooperation from countries and states due to the varying nature of this insurance. Under these variations, this insurance can be categorized into following classifications:-

Land Cargo Insurance: This insurance provides coverage for all the land transportations covering Road, Rail and other small utility vehicles. The coverage aspects are theft, collusion damages and other related risks. This insurance is domestic in nature and normally operates within the boundaries of the nation.

Marine Cargo Insurance: This insurance covers transportation carried out either in sea or by air. Here, means of transportation and goods are covered from damage due to cargo loading/unloading, weather contingencies, piracies and other relevant issues. Mostly, this insurance covers international transportation also. Under these insurances, there are some policies which can help you in understanding the concept of cargo insurance in a profound manner. These policies are:-

• Specific Cargo Policies: When a company approaches an insurance company or broker for insuring a particular consignment, then it can fall under the category of specific cargo policies. These policies are also termed as voyage policies because only shipments are covered under them.
• Open Cover Marine Policy: An open-cover maritime insurance designed primarily to fulfill the needs of businesses that conduct significant export and import transactions. As a result, with an open cover marine policy, these companies will not have to sign insurance agreements every time they complete a transaction; instead, they will be able to cover many transactions over a period of time.
  
  In an open cover insurance policy, the insurer and the insured agree on the goods to be insured, the risks to be covered, the packing conditions, the voyages, and the coverage rates, among other things. Within these agreed-upon criteria, the insured can make a claim for insurance coverage.
  
  Mainly, open cover insurance can be subject to two main limitation clauses i.e. "Per Bottom" and "Per location". By these clauses, the accountability of the insurance providers becomes limited only up to the agreed amount. So, in case if there is an accident and the losses are more than the agreed amount then the loss would be partially recoverable by the insurance provider i.e. up to the agreed amount.


• Open Marine Insurance Policies: An open policy, or "Floating Policy," assists clients by generating a high volume of business and several dispatches. An open marine insurance policy is typically for a set amount against which several declared consignments are dispatched. As a result, the sum insured gradually reduces by the amount of each declaration until the sum covered is eventually exhausted. The open policy will expire one year after it was issued. The sum insured, on the other hand, is critical and may run out before or even after the policy is terminated


• STOP (Stock Turnover Policy): A policy that covers numerous transits for a single premium, Premiums is based on turnover rather than specific voyages or transits, or on the same material in the case of multiple transits, which saves money. It's also a technical product in terms of coverage.

Benefits of Cargo Insurance

Cargo insurance covers transits carried out in Water, Air, Road, Rail, Registered post parcel and courier. Bulk Cargo (All type-; liquid/powder/coal/cement etc) Cargo carried as accompanied baggage, per transit limits beyond the office limits Following aspects are covered under the benefits of this insurance:

Basic Cover – (Fire & Accidental) / Restricted Coverage / All Risk (exclusion policy)

This coverage provides extensive protection against damage or loss due to external factors. As it is called basic coverage policy, people should know the aspects included and excluded in the policy. Under basic coverage, included aspects are:

● Transit Type-; whether purchases, sales or both or any stock transfers or is it capital items being covered
● Whether the cargo is new or old
● Whether the cargo is coming single piece as over dimensional cargo or coming in dismantled condition in containerized packing

Exclusion

1. 1) Willful misconduct of the assured
2. 2) Ordinary leakage in case of liquid cargo
3. 3) Ordinary loss in weight
4. 4) Ordinary wears & tears
5. 5) Improper packing
6. 6) Inherent vice
7. 7) Insolvency of carrier
8. 8) Deliberate damages
9. 9) Nuclear weapons
10. 10) Rats and vermin for more details regarding exclusions, please refer to the clauses

Digital Payments:- Plays key role in Remote Insurance Environment

Payments – the primary cross-section between providers and policyholders – is a highly visible core function touching multiple business operations, including treasury, IT, customer service, and claims. Leveraging the power of digital payments processing, insurers can solve numerous challenges across the organization. Digital payments have quickly emerged as a cornerstone technology that helps insurers meet these modern challenges – to succeed in the new normal and to persevere into the next.