{"id":196,"date":"2019-06-15T12:27:48","date_gmt":"2019-06-15T06:57:48","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=196"},"modified":"2019-08-21T12:38:58","modified_gmt":"2019-08-21T07:08:58","slug":"marine-insurance","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/marine-insurance\/","title":{"rendered":"Let&#8217;s Understand What Marine Insurance Is, It&#8217;s Types, And Policies"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In today&#8217;s age of globalization, various means of exporting or transferring goods from one country or state to another have been discovered and marine is one of such ways. However, when we deal with marine carriers like containers, bulk carriers, etc many things are to be taken care of because it is an expensive affair. Nature\u2019s acts are unpredictable and this mode majorly depends on it i.e. water bodies like ocean, sea. So, when you will invest so much money in this mode you will certainly want the goods to be safe and secure that is the point when marine insurance comes into the picture<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">and we will also specify what marine insurance covers?.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-604 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Marine-Insurance.jpg\" alt=\"Marine Insurance\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Marine-Insurance.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Marine-Insurance-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Marine-Insurance-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The following points will help you to know more about the concept of marine insurance <\/span><span style=\"font-weight: 400;\">as it mentions important aspects of marine insurance<\/span><span style=\"font-weight: 400;\"> and how to go about it:<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#What_is_Marine_Insurance_and_how_it_functions\" title=\"What is Marine Insurance and how it functions?\">What is Marine Insurance and how it functions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#Types_of_Insurance\" title=\"Types of Insurance:\">Types of Insurance:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#Types_of_Marine_Insurance_Policies\" title=\"Types of Marine Insurance Policies:\">Types of Marine Insurance Policies:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#Benefits_of_Marine_Insurance\" title=\"Benefits of Marine Insurance:\">Benefits of Marine Insurance:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#The_claim_process_for_marine_insurance\" title=\"The claim process for marine insurance:\u00a0\">The claim process for marine insurance:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#What_are_the_eligibility_criteria_of_goods_for_marine_insurance\" title=\"What are the eligibility criteria of goods for marine insurance?\">What are the eligibility criteria of goods for marine insurance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#Why_do_you_need_an_expert_for_choosing_marine_Insurance\" title=\"Why do you need an expert for choosing marine Insurance?\">Why do you need an expert for choosing marine Insurance?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Marine_Insurance_and_how_it_functions\"><\/span><b>What is Marine Insurance and <\/b><b>how it functions?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Marine Insurance is a contract according to which the insurer or underwriter agrees to pay the losses caused during the course of a transaction.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Insurance\"><\/span><b>Types of Insurance:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><b>Hull Insurance:-<\/b><span style=\"font-weight: 400;\">\u00a0It majorly serves to the torso and hull of the vessel beside all the articles and pieces of furniture in the ship. The owners of the ships mainly opt for this form of insurance so that they can safeguard themselves from the losses that may be caused by some mishaps which may occur to the ship.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Cargo Insurance:-<\/b><span style=\"font-weight: 400;\">\u00a0It is especially for the cargo of the ship and also pertains to the belongings of a ship\u2019s travelers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Liability Insurance:-<\/b><span style=\"font-weight: 400;\">\u00a0In this compensation provided to any liability arising on account of a ship crashing or colliding and also in case of any other induced attacks.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Freight Insurance:-<\/b><span style=\"font-weight: 400;\">\u00a0It gives protection to merchant vessels corporations which stand a chance of losing money in the form of freight may be in a situation in which cargo is lost due to the ship meeting with an accident. This insurance solves the problem of companies losing money.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Marine_Insurance_Policies\"><\/span><b>Types of Marine Insurance Policies:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><b>Time Policy:\u2013<\/b><span style=\"font-weight: 400;\">\u00a0It is the policy which covers the risk up to a particular or for a fixed time;<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Voyage Policy:-\u00a0<\/b><span style=\"font-weight: 400;\">It\u2019s valid for a particular voyage.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Mixed Policy<\/b><span style=\"font-weight: 400;\">:- It offers a client the benefit of both time and voyage policy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Port Risk Policy:-<\/b><span style=\"font-weight: 400;\">\u00a0It safeguards the ship when it is stationed in a port.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Marine insurance offers a very useful tool for the person involved in shipping business because advantages of marine insurance are too many to be counted. Some are listed below<\/span><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Marine_Insurance\"><\/span><b>Benefits of Marine Insurance:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Safeguards you from theft or hijack of a vessel;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Safeguards you from the theft of onboard cargo;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">loss caused due to inappropriate handling during transportation;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Immunes from the losses caused dues to the accident while in convey;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">losses caused due to climate change during the voyage;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Compensates for illness, injury or death of persons who onboard the vessel;<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"The_claim_process_for_marine_insurance\"><\/span><b>The claim process for marine insurance<\/b><b>:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For<\/span> <span style=\"font-weight: 400;\">claim, a process person has to contact the insurance company after the goods have been damaged or stolen. Company will appoint a surveyor who will investigate the whole incident and will inform the company accordingly and the claim will be settled afterward.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_eligibility_criteria_of_goods_for_marine_insurance\"><\/span><b>What are the eligibility criteria of goods for marine insurance?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Marine insurance covers\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All goods which are transported by sea, air or rail\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transport of goods done via rivers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transport of goods which are sent along with various parts of the country via intercostal routes<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transport of goods counted as import or export<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_do_you_need_an_expert_for_choosing_marine_Insurance\"><\/span><b>Why do you need an expert for choosing marine Insurance?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Growth in globalization and popularity of this way of transportation of goods has made the Marine insurance market very competitive and it is a competitive business now, so it calls for the guidance and suggestions of an expert. The expert can guide them out of various policies which is the most appropriate policy for you<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today&#8217;s age of globalization, various means of exporting or transferring goods from one country or state to another have &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Let&#8217;s Understand What Marine Insurance Is, It&#8217;s Types, And Policies\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/#more-196\">Read more<span class=\"screen-reader-text\">Let&#8217;s Understand What Marine Insurance Is, It&#8217;s Types, And Policies<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marine Insurance : What it is?, It&#039;s Types, Policies &amp; Claims<\/title>\n<meta name=\"description\" content=\"This article helps to understand all about marine insurance, along with its coverage, claim process, eligibility criteria and exclusions. Marine insurance\u00a0reimburses the damages or losses caused to ships, terminals and any transport or cargo \u2026\u2026.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/marine-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marine Insurance : What it is?, It&#039;s Types, Policies &amp; Claims\" \/>\n<meta property=\"og:description\" content=\"This article helps to understand all about marine insurance, along with its coverage, claim process, eligibility criteria and exclusions. 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