INCO terms are common in international trade, where the responsibility for delivery changes between buyers and sellers. It defines sales contracts, applicable obligations, costs, risks involved, and agreements on length of delivery. Some of the common INCO terms are Ex Works (EXW), Cost Insurance Freight (CIF), Free On Board (FOB), Carriage and Insurance Paid (CIP), Delivery at Place (DAP), Carriage Paid To (CPT), Delivered at Terminal (DAT), Free Carrier (FCA), Free Alongside Ship (FAS), and Cost & Freight (CFT).
You can buy a one-year policy from various marine insurance providers in India based on your specific needs. You can obtain quotes and choose the best policy for your needs.
The premium for a marine insurance policy is calculated based on the type of ship, age of the ship, cost of the ship, trading and tonnage limits of the ship, management of the ship, type of insurance cover, size of cargo, value of the cargo, and more. The type of policy, plan, and coverage you need are also considered while calculating the premium. You can save on insurance policy premiums by choosing the exact coverage you need.
The common contracts under marine insurance in India are FOB Contracts, FOR contracts, C&F contracts, and CIF contracts.
Yes. You can use the websites of insurance providers to obtain policy quotes and choose an insurer. Once you determine the policy, you can pay your premium online.
Maritime perils are dangers related to transporting any property through the sea. Some common dangers are sinking, collision, stranding, fire, pirates, capture, jettison, war perils, thieves, washing overboard, etc.
All marine cargo policies come with a free capture and seizure clause, which excludes the insurance from providing compensation for loss incurred due to war risks, riots, strikes, civil commotions, etc. If your cargo is going through countries with varying political and social climates, you may need additional coverage aside from the risk plan.
Yes. In India, all commercial transport businesses must purchase an insurance policy suitable for their business needs. With marine insurance, you can stay assured that you will not suffer financial losses due to unforeseen circumstances.
For marine insurance, the ship's owner, cargo owner, ship's master and crew, the creator who advanced money on the ship's security, mortgagor, trustee with a property in trust, and individual advancing the freight all have an insurable interest.
Check the reputation of the insurer and ensure a robust claim settlement process. Choose coverage suitable for your needs while keeping the premium affordable. Purchase marine insurance online and take advantage of the discounts offered.