Marine Specific

A Marine Specific Policy and an Inland Policy are specialized types of insurance designed to protect businesses and individuals involved in the transportation and storage of goods.

• 1.Marine Specific Policy: Covers goods, vessels, and other forms of cargo while they are transported via sea, air, or other international modes. It provides protection against risks like damage, theft, or loss during transit.
• 2.Inland Policy: Covers goods while being transported within a country's borders through roadways, railways, or internal waterways. It ensures financial security against transit risks like accidents, theft, or damage due to unforeseen circumstances.

Benefits of Marine Specific / Inland Policy

• 1. Comprehensive Coverage
  • Protects against various risks including theft, fire, accidents, natural disasters, and more.
  • Marine policies also cover perils like piracy or damage due to rough sea conditions.
• 2. Financial Security

  Provides compensation for losses, reducing the financial burden on businesses in case of damaged or lost goods.

• 3. Legal Compliance

  Ensures compliance with legal requirements, especially for international trade, which often mandates marine insurance.

• 4. Customizable Policies

  Tailored to specific needs such as single shipment coverage, open policies for multiple shipments, or specific clauses based on the nature of goods.

• 5. Business Continuity

  Protects businesses from significant financial loss, allowing them to maintain operations even in adverse events.

• 6. Increased Trust

  Enhances trust among stakeholders, clients, and partners by showcasing a commitment to safeguarding goods.

Features of Marine Specific / Inland Policy

• 1. Wide Risk Coverage

  Includes risks like theft, collision, overturning of vehicles, fire, explosion, and natural calamities such as floods and earthquakes.

• 2. Flexibility

  Policies can be designed for one-time transit (specific policy) or multiple shipments (open policy).

• 3. Duration-Based Coverage

  Coverage starts when goods leave the warehouse and ends upon delivery to the destination.

• 4. Coverage for All Modes of Transport
  • Marine insurance covers sea, air, and sometimes land transit for exports and imports.
  • Inland insurance focuses on domestic transit by road, rail, or inland waterways.
• 5. Add-On Covers

  Options to include additional coverage for strikes, riots, war risks, and even temporary storage.

• 6. Geographic Scope

  Marine insurance applies internationally, while inland insurance is confined within the country's borders.

Why Should You Take a Marine Specific / Inland Policy?

• 1. Protection Against Uncertainty

  Unpredictable events like accidents, theft, or natural disasters can cause significant losses. These policies offer protection and peace of mind.

• 2. Mitigation of Financial Risk

  Businesses involved in transporting high-value goods can secure their financial interests by transferring risks to insurers.

• 3. Legal Requirement

  Many trade agreements and transport contracts require adequate insurance for goods.

• 4. Boosts Competitive Edge

  Businesses that ensure their goods are protected can deliver with confidence, enhancing reliability and reputation.

• 5. Safeguard Against Complex Supply Chains

  Modern supply chains are intricate and exposed to multiple risks. Insurance ensures these complexities do not disrupt business.

Who Should Take a Marine Specific / Inland Policy?

• 1. Exporters and Importers

  Businesses involved in international trade need marine insurance to cover goods shipped via sea or air.

• 2. Manufacturers and Distributors

  Companies transporting goods within the country should secure inland insurance.

• 3. Logistics Companies

  Firms responsible for transporting goods for clients should ensure all goods are covered to avoid liability issues.

• 4. Retailers and Wholesalers

  Businesses storing and transporting goods across cities or states should consider these policies.

• 5. E-Commerce Companies

  Online sellers shipping goods domestically or internationally benefit significantly from such insurance.

FAQs About Marine Specific/Inland Policy

• 1. What is the difference between marine insurance and inland insurance?

  Marine insurance covers international transit via sea or air, while inland insurance is specific to domestic transportation within a country.

• 2. What types of goods can be covered?

  Almost all types of goods, including raw materials, finished products, machinery, and personal belongings, can be insured.

• 3. Can I insure a single shipment?

  Yes, specific policies are available for one-time transit. Open policies are suitable for regular shipments.

• 4. What are the exclusions in these policies?

  Common exclusions include intentional damage, improper packaging, delays, and inherent defects in goods.

• 5. Is marine insurance mandatory?

  While not mandatory, it is often required in international trade agreements and ensures compliance with legal norms.

• 6. Can policies cover delays in transit?

  Standard policies do not cover delays but add-ons might provide limited coverage.

• 7. How is the premium calculated?

  Factors like the type of goods, mode of transport, distance, and value of goods influence the premium amount.

• 8. What is the claims process?

  File a claim immediately after the loss with supporting documents such as invoices, bills of lading, and proof of loss.

• 9. Can temporary storage be covered?

  Yes, policies can be customized to include coverage for goods stored temporarily during transit.

• 10. What is an open policy?

  An open policy provides ongoing coverage for multiple shipments over a specified period, ideal for businesses with regular transit needs.