Marine Insurance is a form of general insurance policy covering the loss or damage to ship, cargo, hull or any other equipment and transport between the point of origin and final destination of voyage.
MARINE INSURANCE
Risks Covered
|
Cargo theft / Pilferage |
|
Accidental Damage (Vehicle collision / overturning etc.) |
|
Perils of the sea (High waves and bad weather etc.) |
|
Natural Disasters |
|
Fire |
|
Pirate attack |
Types of Marine Insurance
Cargo Insurance
Cargo Insurance covers cargo/goods of certain specified value throughout the journey from beginning point of departure till its arrival at destination.
Hull Insurance
Hull insurance is an insurance policy specifically designed to cover ship damage costs where the "hull" represents the main part of the ship. It includes coverage to equipment, machinery and furniture.
Freight Insurance
The amount paid to the owner of ship for transferring goods from one port to another is called freight. Freight insurance provides coverage against losses in form of freight in case cargo is lost due to accidents or any unseen events before reaching destination.
Liability Insurance
Liability Insurance covers for any liability in form of compensation to be paid to third party arising out of losses caused due to crashes or collision with other ship.
Types of Marine Policy
Voyage Policy
This Marine Insurance policy provides coverage against losses during a particular voyage or trip from the time ship leaves the port of departure and reaches port of destination.
Time Policy
This Marine Insurance Policy provides coverage for a fixed period of time generally valid for a year.
Mixed Policy
The Joint form of Voyage and Time policy is called a Mixed Policy. It provides coverage for a particular voyage or trip valid for a certain period.
Port Risk Policy
The port risk policy provides coverage against any loss or damage while ship is stationed at port.
Open (or) Unvalued Policy
In this policy the value of cargo and consignment is not pre-specified in the policy, so, loss of cargo and consignment is reimbursed only after inspection and valuation of the cargo.
Valued Policy
In this policy the value of cargo and consignment is ascertained and mentioned in advance in the policy document which clarifies the value of reimbursement in case of any loss of cargo and consignment.
Floating Policy
A marine insurance policy in which only the claim amount is specified and all other details are omitted until the vessel commences its voyage is known as a floating policy.
Single Vessel Policy
This policy is suitable for a small ship owner owning only one vessel or one vessel in different fleets. It covers the risk of a one vessel of the insured.
Fleet Policy
In this policy, multiple vessels owned by one owner are insured under a single policy.
Block Policy
This policy covers damage or loss of cargo in all modes of transport of the cargo owner through which his/her cargo is carried.
Information required to provide the quotation
|
Name and address of the Proposer and his business |
|
|
Description of goods, number and nature of packages |
|
|
Value of Goods |
|
|
Voyage details (From/To) |
|
|
Mode of Conveyance (Rail/Road/Air) |
|
|
Basis of Valuation |
|
|
Packing of the cargo |
|
|
Claims experience |
Claim Process
To register your claim, you shall reach out to Jubiliant’s toll-free number 1800 1234 303 or email care@jubiliant.co.in. Our claim processing team will reach out to you and help you register the claim with the appropriate insurance company. We will also guide you through all the steps from registration to settlement.
Documents required for Marine Insurance Claims
|
Duly filled in Claim form |
|
Original Insurance Certificate |
|
Copy of Billing lading |
|
Surveyor Report or Missing Certificate |
|
Original Invoice list with shipping specification |
|
Copies of correspondence exchanged |
|
Any other document(s) that may be required by the Insurance company |
