Marine Insurance

♠ Posted by Unknown at 7:45 AM

Marine Insurance refers is the type of insurance which is the coverage of the loss or damage of the water transport such as ships,cargo,boats,etc.It is the protection against the loss during the boarding of some goods and products by the means of water transport.
Water ways is the cheapest means of transportation which is most poplar in the countries where there are access of seas and oceans.Ships,cargo,etc are the forms of water transport,These water ways helps to transport goods and also people from one place to another.There is no hundred percent gaurentee that there are no risks in transport.But these risks can be reduced to some extent by the marine insurance policy,Marine Insurance is the best way to insure the water ways transportation for the protection of the transported goods and people at any possibility of risk or loss.
Marine means water and not only in the air but on water also there are possibilities of risk which do not come by knocking our doors.Marine insurance helps to compensate on risk such as physical risk,perils,ship dacoit and so on.Your cargo is not only exposed to physical damage it may also get damaged by collapsing or fire or any other uncertainities. While transporting goods from one country to another there are large number of goods in the ship which are not secured fully,It may get damaged by any risk or uncertainities.Such uncertainities have a great loss not only of the cargo but also the goods and also the passengers in it,So these risk are covered by marine insurance,
There are many types of Marine Insurance which are as follows:-

1.Maritime Perils:-
Maritime perils are god or man-made risk such as natural calamities such as earthquake,tsunami,rain water damage,volcanic eruption,flood,landslide,fire,smoke,water,etc,

2.Extraneous Perils:-
These perils are incidental while loading,carrying,handling,etc,

3.War Perils:-
These perils are the loss during civil wars,revolution,etc.

4.Strike Peril:-
These perils are damages occured during strikes,


There are three different policies of marine insurance to cover risk such as Institute Cargo Clause A which covers all the risk of damage of goods and other damages.Another is Institute Cargo Clause B which covers less risk than A and third Institute Cargo Clause C which covers very less risk.

So,marine insurance is the contract between the the insured and insurer by paying a certain premium and insurer promises to compensate on the loss of the shipping products.But is the loss or damage are caused artificially that is not in real sense then there are some rules and regulation according to the policies of the company.Before having some loss protect it!