Marine insurance refers to insurance coverage given to all domestic transit, ie all transit within the geopolitical territory of a country.
The mode of transport may be road, rail, air, inland waterway or coastal transport in which the vessels do not enter international waters.
It is a cover which facilitates the movement of goods within the territory of the country. Damages in transit and during normal transit are paid as per the terms and conditions of the policy and applicable provisions.
In the Indian context, the Inland Transit Clause (ITC) mainly lays down the conditions for application under the Domestic Carriage Policy.
Marine insurance mainly deals with two aspects:
- Ship hull insurance for all types of vessels including tugs, barges, boats, ships and all such vessels
- Cargo in transit
Marine hull and hull insurance in its simplest terms works in the same way as regular motor insurance, but is inherently much more complex due to the sheer amount of risk coverage and the laws that comply with it.
Marine insurance covers all types of damage caused to cargo during the normal course of transportation. A contract of marine insurance is subject to a number of laws, regulations and international rules and regulations. An important aspect of sea freight includes goods transported by any means of transport such as road, rail, air, sea, courier, post, registered mail, and in some cases also covers personal transport. Cargo has to go through several movements to complete a journey, with different risks at each stage. Therefore, sea freight is necessary to compensate for the loss caused by it.
Marine insurance can be purchased by ship owners, carriers and commodity owners, i.e. sellers, buyers and traders.
Transport insurance is a type of insurance that covers goods as they move from one place to another. This is a type of compensation that saves time when loading cargo onto a means of transport such as a truck.
There are different types of transport insurance which include coverage at different stages, such as:
- Packing/unpacking
- Raising and lowering
- Transportation
- Types of traffic insurance
There are different types of shipping insurance that you can buy and they are listed below.
- single transit
- Customized Plan
- open policy
- Vehicle insurance at night
- Items are being transported by third-party carriers
- The products are being transported by our own transport company covered
- Multi Vehicle Cover
Transport insurance can be issued to the following parties:
- merchant
- The creator
- Aggregator / Transporter
- Importer/Exporter
Custom house agent
They provide coverage for loss of or damage to goods during domestic and international transport by rail, road, sea, air or registered mail. Commodities range from diamonds to household goods, bulk items such as cement, grain and oversize cargo for projects.
Transit insurance plays an important role in domestic and international trade. Most sales contracts require either the seller or the buyer to indemnify for loss or damage to the goods.
Coverage generally begins when the goods leave the warehouse at the location specified in the policy and ends at the destination specified in the policy, subject to the terms of the sales contract.