Marine Insurance In India covers the loss or damage of cargo by any means of transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Marine Insurance In India is utilized in place of Air freight, Ocean freight, or surface transportation of commodities. Both firms and people must adhere to this guideline. Business shipments are frequently expensive, and any damage could harm the company. No matter what your items are being transported, our coverage shields them from physical harm.
Marine Insurance In India covers the loss or damage of ships, cargo, and terminals, as well as any other mode of transport used to transfer, acquire, or store goods between origin and destination.
A contract of indemnity is referred to as Marine Insurance In India which provides a guarantee that the goods being transported from the country of origin to the country of destination are covered by insurance.
Each logistics transportation company is responsible for transportation, but their responsibilities are clearly defined, and different situations can always arise. Your logistics must be covered by Marine Insurance if you are transporting them across the seas. Risks can only be compensated if you have cargo Marine Insurance.
Marine Insurance In India is required in many import-export trade transactions. Both parties are responsible for the payment of goods under insurance if they accept the terms. However, the topic of Marine Insurance In India extends beyond contractual obligations, and there are several compelling reasons to purchase it before shipping the export cargo.
One of the following three parties must insure goods in transit:-
Eonepay’s API will connect asset owners, freight forwarders, and 3PLSPs directly with banks and insurance companies so that end customers can pay their Marine Insurance bills more seamlessly within its network.
A solution to Pain points of Marine Insurance In India:
Mobile-based solutions will eliminate physical branches, check much of the friction that is part of a traditional bank offering, and will provide Digital Insurance and Digital KYC (for Safety and Security). Using- contactless, online, mobile payments, POS machines, link-based payments, and QR code payment solutions.
The Marine Insurance policy covers the following risks:
In addition to these, there are some Marine Insurance policies included in the insurance that can assist you in fully comprehending the concept of cargo insurance. These policies are as follows:
Specific Cargo Policies: Specific cargo policies are created when a company approaches an insurance company or broker for ensuring a specific consignment. These policies are also known as voyage policies because they only cover shipments.
Open-Cover Marine Policy: An open-cover Marine Insurance policy is a type of maritime insurance that is designed to meet the needs of companies that do a lot of exporting and importing. As a result, with an open-cover marine policy, these businesses won’t have to sign insurance agreements every time they complete a transaction; instead, they will be able to cover a large number of transactions over time.
Open Marine Insurance Policies: Clients benefit from an open policy, also known as a “Floating Policy” because it generates a high volume of business and multiple dispatches. An open Marine Insurance policy typically covers a fixed amount against which multiple declared consignments are dispatched. As a result, the sum insured gradually decreases as each declaration is made, until the sum insured is exhausted.
STOP (Stock Turnover Policy): A policy that covers multiple transits for a single premium. Premiums are calculated based on turnover rather than specific voyages or transits, or the same material in the case of multiple transits, saving money. In terms of coverage, it is also a technical product.