Question 1

What is marine insurance?

Accepted Answer

Marine insurance is a type of policy that protects items and goods from loss or damage while they are being transported. This includes shipping by sea, rail, road, and air and postal sendings (Couriers).

Question 2

What are some other names of marine insurance?

Accepted Answer

Marine insurance is also known as transit insurance or cargo insurance.

Question 3

When should I take marine cargo insurance?

Accepted Answer

You should get marine cargo insurance before the shipment begins. You can only buy it if you have the invoice or transportation receipt ready.

Question 4

What are the principles of marine insurance?

Accepted Answer

The main principles of marine insurance include:

Principle of Good Faith
Principle of Proximate Cause
Principle of Insurable Interest
Principle of Indemnity
Principle of Subrogation
Principle of Contribution

Question 5

What factors should be considered while buying marine insurance?

Accepted Answer

When buying a marine insurance policy, consider the type of cargo you are shipping, its value, the route it will take, and the specific risks involved in that route and Mode of Packing (Should be described). Also, look at different coverage options to ensure you get protection suited to your ne

Question 6

Is marine insurance mandatory?

Accepted Answer

Marine insurance is not legally required, but it is highly recommended and may be a financial requirement of your Bankers who provide credits. It provides protection against possible financial losses from damage or loss of goods and vessels, which can be huge without insurance.

Question 7

Why should I buy Marine cargo insurance?

Accepted Answer

Buying marine cargo insurance protects your goods against risks like damage or loss while they are being transported from one place to another. This insurance helps ensure you won’t face huge financial losses if something goes wrong during transit.

Question 8

What is the advantage of marine insurance?

Accepted Answer

Some amazing benefits of marine insurance are:

It includes maximum protection against financial loss
Also provides you peace of mind
This insurance also offers customisable coverage
Allows you to fulfil the adherence to industry standards
Marine insurance helps in efficient risk management
It also helps in filling contractual obligations

Question 9

What are the main clauses of marine insurance?

Accepted Answer

Important clauses in marine insurance include:

(ITC): ITC refers to Inland Transit Clauses, which apply to goods transported within India's borders.
(ICC): ICC stands for Institutional Cargo Clauses, which apply to goods transported internationally.

Question 10

What is a marine insurance claim?

Accepted Answer

A marine insurance claim is a request you make to your insurer for compensation after your cargo or vessel has been damaged or lost. You need to provide evidence of the loss and follow the insurer’s process to receive payment.

Question 11

What are the types of marine insurance?

Accepted Answer

Marine insurance includes several types, such as:

Cargo Insurance: It protects the goods being transported.
Hull Insurance: It covers damage to the ship itself.
Freight Insurance: Freight insurance assures the freight charges are covered if the cargo is lost or damaged during transit.
Liability Insurance: Liability insurance covers all the legal responsibilities if the ship causes damage to other ships or property.

Question 12

How can I determine the correct commodity for my shipment?

Accepted Answer

To determine the correct commodity for your shipment, check the details of the goods you are sending, including their type, value, and any specific handling or storage requirements. Accurate information helps in choosing the right insurance coverage.

Question 13

What is the basic cover in marine insurance?

Accepted Answer

Basic cover in marine insurance policy typically includes protection against common risks such as storms, accidents, and piracy. It provides compensation for loss or damage to cargo or ships during transit, according to the terms of the policy.

Question 14

Who can buy marine insurance?

Accepted Answer

Anyone involved in shipping or transporting goods by sea can buy marine insurance. This includes ship owners, cargo owners, freight forwarders, and any business with a financial interest in the items being transported.

Question 15

How do I claim against vessel owner/shipping Co?

Accepted Answer

To claim for a vessel, contact your insurance company and report the damage or loss. Provide all necessary details and documentation as required by your policy, and follow the insurer’s instructions to complete the claim process.

Question 16

What is the time policy in marine insurance?

Accepted Answer

A time policy in marine insurance provides coverage for a specific period, such as one year, regardless of how many voyages you make or how many shipments are covered during that time.

Question 17

What is a marine loss?

Accepted Answer

A marine loss refers to the financial loss caused by damage or destruction of goods or vessels during transportation. It includes any losses incurred due to accidents, weather conditions, or other maritime risks.

Question 18

What is a warranty in marine insurance?

Accepted Answer

A warranty in marine insurance is a condition or promise that must be met for the insurance coverage to remain valid. It usually involves certain requirements or standards that must be fulfilled by the insured party.

Question 19

Who is the policyholder in Marine Cargo Insurance?

Accepted Answer

For items other than household goods, the insurance policy is held by the company or business that has a financial interest in the goods. For household goods being transported, the policy is held by the person whose goods are being moved. The marine policy is assignable.

Question 20

How much cover should I take for marine insurance for cargo?

Accepted Answer

The cover amount for marine insurance should be equal to the total value or invoice value of your goods. If you have questions or need help figuring it out, you can consult with Square Insurance advisors. They can guide you through the process easily.

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