Marine Insurance Consulting Company
Marine Insurance Broker: Stay afloat, swim past uncertainties
Sea, as a medium, is regularly used to transport goods from one place to another. And like with every journey, sea voyages are fraught with challenges. These can range from sinking, stranding, fire, explosion, collision, jettison, war perils, pirates, navigation errors and so on. As with any kind of commercial transportation, it becomes necessary that you are insured against any liabilities that may arise. Marine Insurance is a trusted way to cover yourself from the many unforeseen situations associated with marine endeavours and at Life & General Insurance, as one of the most well-known Marine Insurance Brokers, we help you sail through these testing waters, comfortably.
What Is Marine Insurance?
Marine Insurance is a special type of insurance plan which provides protection from risks faced by ship owners, cargo owners, terminal handlers, buying agents, contractors and anyone who is involved in the movement of goods. Third parties suffering any loss or damages are also covered under this policy. Though the standard risks covered under Marine Insurance policy are governed by Institute Cargo Clauses, your Marine Insurance Broker may help you customise the plan to widen the scope of your policy.
Marine Insurance is of four basic types: hull insurance, cargo insurance, freight insurance and liability insurance.
- Hull Insurance: Offered as a single, combined policy hull and machinery insurance provides protection against any damage to the hull (the main part of the ship) and the machinery on the vessel due to operational, electrical and mechanical reasons. It is usually preferred by ship owners.
- Cargo Insurance: Cargo insurance safeguards from any loss or damages to the cargo goods on the ship during the voyage.
- Freight Insurance: Any loss or damage to the freight on the way is covered under freight insurance. This absolves the shipping company from any financial liability which may pop up.
- Liability Insurance: This plan shields the insured from any third-party liability suffered due to events which are beyond the control of the owner of the insurance such as collision, piracy and other similar hazards.
Why Do You Need Marine Insurance?
Whether you are the carrier or the owner of the cargo or the party having interest in the value of the cargo, sea presents some inherent risks which cannot be predicted or estimated beforehand. Wars, stranding, sinking, collision, pirate attack, errors in navigation, jettison, natural perils, improper handling by the carrier, burning, adverse weather conditions, strikes can lead to financial losses or death, injury to the crew members of the ship or third-party damages. When the risks are these many, it is only logical to go for Marine Insurance and cover yourself from any undesired setbacks. As one of the most credible Marine Insurance Brokers, we offer a comprehensive range of services to our clients and empower them to conduct their business without any fear.
Get your Marine Insurance Quote Now!
Marine Insurance policy must be an integral part of your risk management plan if you are involved in the business of movement of goods. It not only protects you but other parties as well who are a part of your marine endeavour. Armed with a deep technical know-how and rich experience, our expert team works with you at every step and help you adequately plan for any contingencies which may come your way. Life & General Insurance, the renowned Marine Insurance Brokers, are here to offer you complete peace of mind through our host of offerings. To know more or to get a quote, fill out the contact form here.