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What is Marine Insurance?

Marine insurance is a type of general insurance policy that covers ships, cargo, and other vessels against losses suffered while in transit. It offers financial protection for damages sustained due to natural or man-made disasters of various kinds. The coverage provided by a marine insurance policy may include perils such as fire, piracy, theft, collision and natural calamities like hurricanes, storms, etc.

Why Marine Insurance is Important?

A marine insurance policy is essential because of the following reasons:

1

Protection Against Losses

Marine insurance offers financial protection against potential losses that your shipment may incur during transit. It helps minimise the economic impact of these losses.

2

Helps in Business Stability

The proceeds from a marine insurance policy can help a business to regain its footing and provide stability.

3

Compliance With Legal Requirements

Many countries require vessels and shippers to mandatorily have marine insurance, governed by the Marine Insurance Act, to comply with regulations.

4

Helps in Risk Management

Transporting cargo is subject to several risks. Shipowners and cargo owners can effectively manage these risks with a marine insurance policy.

How Does Marine Insurance Work?

Here’s the working of a marine insurance policy-

You buy a marine insurance policy from an insurance company. The policy outlines what's covered and what's not, along with other terms and conditions.
You pay premium to the insurance company. The premium amount depends on the value of cargo, route, and nature of the cargo.
The policy is active for a specific period. It can cover a single trip or multiple trips over time depending on the policy chosen.
In case of loss or damage during transit, you notify the insurance company, fill out the claims form and provide the necessary documentation.
The insurance company assesses your claims, verifying the details and the extent of damage. They may send a surveyor to inspect the damage. Once approved, you will receive compensation as per the policy's terms and conditions.

What are the Features of Marine Insurance?

Given below are some features of marine insurance:

Coverage for Various Modes of Transport

A marine insurance policy offers coverage for various modes of transport, including sea, air, roads and railways. This versatility ensures complete protection across transportation modes.

Various Types of Policies

Open Inland, Open Import/ Export, Single Transit inland, Single Transit Import/ Export are the various types of marine insurance policies. Each of them has distinct features.

Coverage as per Global Standards

A marine insurance policy governed by the Marine Insurance Act offers coverage according to global standards (INCO terms). This means that when you transport cargo internationally, you can use the policy to suit your needs.

Types of Marine Insurance Policy

The various types of marine insurance are as follows:

Marine open insurance

It offers coverage for your cargo in transit for a year. Also known as a floating policy, it saves you from the hassle of buying an individual policy for every consignment.

Marine single transit insurance

It offers coverage for cargo between points of origin and the financial destination. It covers losses from fire, explosions, accidents, thefts, weather events, etc.

Marine inland insurance

It offers coverage for cargo within India from natural and man-made perils.

Marine import and export insurance

While marine import insurance covers cargo transported from a foreign country to India, a marine export policy offers coverage for cargo transported from India to a foreign country.

Who Should Buy Marine Insurance?

Given below are some individuals and businesses who need marine insurance:

What’s Covered in ICICI Lombard’s Marine Insurance?

ICICI Lombard’s marine insurance provides coverage for losses arising due to:

Fire explosion and lightning
Earthquake or volcanic eruptions
Collision between vehicles or external object other than water
Overturning of land conveyance or derailment of vehicle
Damages suffered during loading and unloading
Theft or malicious damage
Hijack of cargo
Vessel stranded, Grounded, Sunk
Discharge of cargo at port of distress
General average
Jettison
Washing overboard
Entry of sea or lake / River water
Any other risk specifically not excluded
Total loss of any package lost over board, while loading/unloading

What’s Not Covered in ICICI Lombard’s Marine Insurance?

Coverage is not provided in case of:

Wilful misconduct of the assured
Insufficiency or unsuitability of packing
Inherent vice or nature of the subject-matter insured
Delay
Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
Insolvency or financial default of owner, manager, charters or operators of the vessel
Unfitness/ Unseaworthiness of carrying conveyance
Any other risk specifically excluded in the policy

Frequently asked questions - Marine insurance policy

What is the Duration of Marine Insurance?

It differs across policies. While some policies may cover only one trip, others may offer coverage for multiple trips in a year.

How is the Premium Calculated for Marine Insurance?

The premium depends on the cargo type, route availed and the value of cargo, among others.

What is the Function of Marine Insurance?

Marine insurance offers financial protection in case cargo get damaged during transit due to natural or man-made disasters.

What Factors Should Be Taken into Account While Buying Marine Insurance?

Determine the type of coverage needed, policy inclusions and exclusion, premium and deductibles and insurer's reputation before buying a marine insurance plan.

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