What is Marine Insurance?
Marine Insurance is the oldest form of insurance and can be describe as mother of all insurance. It is believed that it was originated in England owing to frequent movement of ships for trade and commerce. This is insurance id connected with the transportation of the goods. These goods are exposed to damage and loss from numerous perils associated with transportations. Once the goods moved to one place to another they are no more in custody of the owner or a seller. They are rather in the custody of third party called carrier and face various risk of transit.
What it covers?
This insurance is a contract between the insured and the insurance company whereby insurance company agrees to indemnify insured against losses arises from the various risks of transportation. The mode of transit can be sea, rail, road, courier, air and others. Generally the goods are covered for invoice value plus 10% as over head charges.
Types of Marine Policy
▶ Cargo Insurance for inland
▶ Cargo Insurance for Export or Import
▶ Hull and Machinery Insurance
A few advantages of Marine Insurance are –
1) Peace of Mind
2) Liability Coverage
I have insured clients all over the world and insured over 600 crores worth of Cargo. I had a client who was wrongfully denied a claim of 1,50,00,000 based on a false premise, whereas the damage done to the cargo was because of careless unloading of delicate cargo. I fought with the insurance company and provided proof that the denied claim was actually covered in the policy. The client recieved full reimbursement and interest on top of the actual claim amount. You can be assured about the fact your policy is secure with me.
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Insurance and investment advisory by Manish Busa.