What Are the Reasons You Should Purchase a Marine Insurance Policy?
Technology is advancing forever, but the transportation business suffers from the same problem as ever. The problem is that it is still as risky as ever. However, the risk is not unmanageable. The primary ways to manage transportation risks for goods is to affiliate with a reliable logistics service provider and practice appropriate and safe shipping packaging. However, the best thing against transportation risks is cargo marine insurance.
During transport, there is no danger and risk that is beyond the scope of possibility. This can put your goods in one or many hazardous positions. To ensure safety during transportation, you need marine insurance that covers loss or damage related to transportation. Here is a list of benefits that different types of marine insurance offers:
- Ensures safety of goods
Transporting goods is a dangerous but necessary process. There are million things that can go wrong. However, part of transporting goods is to protect the goods from any risk they may face. Marine insurance covers loss or damage to goods, ships, and any form of cargo through which property or goods are being transported, received or kept. *
- Protects from calamities
Sometimes, the risk towards any goods being transported is not your fault. However, it is still your responsibility to ensure those risks are covered. Natural and man-made disasters such as fire, flood, earthquake, theft, etc. are covered by the policy. However, there are still some exclusions in the policy. *
- Protects from the risk of theft
When transporting your goods by road or any other mode of transport, it is likely that you will attract the attention of well-organized thieves. Unfortunately, this happens not only in remote areas but also in populated urban areas where your cargo is set to pass through. Or your goods could be looted during a stop of the truck or ship that your goods are being transported through. Usually, expensive items are targeted, but there is no guarantee that thieves will not target cheaper goods like food products along with the low price, etc. With the help of marine insurance, the monetary value of the loss can be claimed. *
- Takes care of carrier’s liability
Marine insurance, a form of commercial insurance cover, is the best way to maintain the safety of your shipment if you are transporting light but expensive items. However, a limited amount of the carrier’s liability applies to the contract, subject to all transportation practices, including international and local laws, regulations and conditions. The amount is calculated by a special formula, based on the actual weight of the goods to be delivered. The specific details may vary depending on the mode of transport and the applicable transport law. To ensure that it does not become a problem for you, it is better to buy marine insurance and let your insurance provider handle things for you. *
* Standard T&C Apply
Marine insurance offers a number of solutions for you to achieve different business goals. If you are in a business that requires you to frequently make deliveries, you should consider buying a marine insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.