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Tips to Remember While Opting for Marine Insurance

Posted on 31 May 2021
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One of the key insurance policies, marine insurance provides financial coverage if goods or cargo suffers any damage during transit. The losses arising from such damages can be huge, and a marine insurance policy safeguards your finances from taking a dip in such a situation. However, there are certain things that you must remember while opting for marine insurance that will help you make an informed choice.

Marine Insurance Policy

Compare Policies

The first thing that you should do before buying a marine insurance policy is to compare different plans. It is essential to understand the difference in premiums and coverage offered. Today, there are aggregator portals that list plans from various insurers, and the same will help you in easy comparison.

Go through each plan carefully, understand the terms and conditions and choose the one that best fits your requirements.

Find Out About the Policy, You Want to Buy

Different kinds of marine insurance plans are available in the market, and each plan serves a specific purpose. Before buying, it’s essential for you to know about the policy you seek to purchase. Some common ones available are:

  • Marine cargo insurance:

    Marine cargo insurance covers losses suffered by cargo during transit apart from covering damages suffered due to delay in voyages, accidents, etc.

  • Marine Hull:

    This insurance policy offers coverage for losses arising due to crash or collision of the ship carrying cargo.

Gauge the Coverage Amount Needed

Before you opt for any insurance policy, it’s essential to gauge the amount of coverage you need, and marine insurance is no different. The amount of coverage required differs across policyholders and depends significantly on the value of goods that are to be transported. If the value is high, then you need to opt for higher coverage and vice versa.

Note that the premium you need to pay towards your marine insurance plan depends largely on the amount of coverage you opt for.

  • Marine Transit Insurance (Inland) Policy
  • Product Code: 2005
  • Product UIN: IRDAN115CP0007201920

Help us know you better!

This contains only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale.ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). (Marine Single Transit Insurance, 2005, IRDAN115CP0007201920)