MARINE INSURANCE
Marine Cargo Insurance covers physical damage or loss of goods whilst in transit by land, sea, or air between the points of origin and destination. Unfortunately, many international shipments move uninsured as importers/exporters view insurance as an unnecessary expense involving extra administration.
With the rise of cargo ship accidents worldwide importers and exporters and cargo handlers are exposed to countless financial risks when they do not insure their international shipments. However, it is unfortunate that most importers/exporters are not well versed with the importance of marine cargo insurance policy in India and consider it just an extra expense. Hence, it is critical to understand that insurance costs way less than losing all your goods in an unfortunate circumstance and having to pay a huge lump sum amount for that.
Trying to recover losses from carriers is difficult and time-consuming and is unlikely to cover the true associated cost due to carrier’s limited liability and package limitation clauses. “All Risks” insurance relieves companies of their financial exposure from physical loss or damage to their goods while in transit since carriers have limited liability. The best way to protect your financial interest is with the appropriate marine insurance.
During tough economic conditions exporters, importers and cargo handlers have the tendency to shop around for cover only using price as a determining factor. Business should rather focus on what the policy covers instead of basing their decision solely on price. SK can arrange extremely competitive Ocean, Air and Inland Cargo Insurance with door to door coverage through all the insurance companies in India. SK has operations at 2 convenient locations handling more than 300 CHAs and FF clients.
SK provides exceptional expertise and service to a broad portfolio of clients, and the specialist Maritime Division handles management of claims, covering marine and general cargo liability. At SKinsure you can get the best policies for cargo insurance in India.
Why would a company need Ocean Marine insurance?
Example: A cargo of linens arrives at its final insured destination one evening. The next morning when the warehouse personnel arrives to unload the cargo, they discover the vehicle containing the linens is gone. The cost of the lost linens totals up to 10lacs+. We respond to this loss.
Get the Right Coverage
The marine insurance plan covers any damages or losses to the insured property due to the factors mentioned below:
- Fire or explosion, stranding, sinking etc - One can’t predict these situations in advance. Fire or explosion, sinking, stranding is common issues faced during a cargo journey. A marine insurance plan is formulated to take care of such dire situations.
- Collision, overturning or derailment of land conveyance - Sometimes, no matter how hard the captain tries, he can’t take control of unfavourable damage causing situations. Having a marine insurance plan neutralizes the risk of damages caused by collision, overturning or derailment of land conveyance.
- Discharge of cargo at the port of distress - If a cargo is a discharged from a port of disturbance or distress, it threatens the safety of the cargo. This is the reason why it is included in the basic insurance coverage.
- General average sacrifice salvage charges - A marine insurance plan provides coverage for general average sacrifice salvage charges.
- Expenses such as survey fees, forwarding expenses, reconditioning costs and sue charges - These expenses are unexpected at times which leaves you with little time to pay for these expenses. This is why having a marine insurance plan is of great help.
- Jettison or washing overboard - Situations of jettison and washing overboard are included in a marine insurance plan.
- Earthquake or lightning - A marine insurance plan provides you coverage from natural calamities such as earthquake or lightning.
- Total loss of package lost overboard or dropped in loading or unloading - No matter how irksome a package loss can be, every time you can’t create a foolproof plan to prevent this situation when your package is being transported in a cargo. This is why it is included in a basic marine insurance plan.