About Marine Insurance

Marine insurance in India is a type of insurance policy that provides coverage to businesses and individuals against loss or damage to ships, cargo, and other marine-related assets. Marine insurance policies in India are offered by both public and private insurance companies and are designed to protect against risks and hazards that may occur during the transportation of goods by sea or inland waterways.

Some common features of marine insurance policies in India include:

1. 1. Hull Insurance: This covers loss or damage to the ship or vessel itself due to risks such as collision, grounding, sinking, fire, explosion, and piracy.
2. 2. Cargo Insurance: This covers loss or damage to the cargo being transported by the ship or vessel due to risks such as fire, theft, damage, and sinking.
3. 3. Liability Insurance: This covers legal liability for injury or damage to third-party property that may occur during the voyage or while the ship or vessel is in port.
4. 4. Freight Insurance: This covers loss of freight or earnings due to delays or other unforeseen circumstances.

The premium for marine insurance policies in India is based on factors such as the value of the goods being transported, the destination and origin of the shipment, the type of vessel, and the level of coverage selected. It is important to compare the coverage and premiums of different marine insurance policies to select the policy that best meets your needs and budget.

In addition to the standard features mentioned above, some marine insurance policies also offer add-on covers such as coverage for war risks, piracy, and coverage for goods in storage. It is important to read the policy documents carefully to understand the coverage and exclusions of the policy before purchasing it.