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Basics Of Marine Insurance

If you own a ship or a cargo you should consider getting marine insurance. There are high chances that your business represents a huge investment that is why you would want to be protected in case anything bad was to happen to your ships. This will provide you with peace of mind knowing that any losses which might occur will be covered by the insurance company.

Marine insurance is a special type of insurance meant to cover for loss or damage of cargoes, ships and terminals. Basically it is designed for any type of cargo or transport which transfers property. This insurance is very useful if you are the owner of a business and you work with valuable items.

Now coming to what exactly marine insurance covers for. Like I said earlier, marine insurance can provide coverage for all sorts of property and goods. If your property or goods get damaged during transit across dry land this insurance policy will provide coverage for the losses. Also you will get coverage for the losses that you may incur if during transportation your property and goods are stolen. If you want, this insurance can also cover for your building.

If you want to get a cheaper quote on marine insurance make sure you follow these simple advices that I am going to give you. First of all if you are just starting your business try to get new ships. Also make sure you equip them with safety equipment like fire extinguishers and life rafts. This will attract a lower premium as it will convince the insurance company that there are low chances of accidents to happen in your ships. Another thing which might help you get a lower quote is to make sure that all the sailors have a lot of experience and that they didn’t have any accidents in their sailing history. Make sure they were trained by a recognized institute as having a qualified crew with a lot of experience is a plus point that will attract a lower premium for marine insurance.

Before you buy marine insurance do make sure that you check all the details of the policy as you want to make sure it will cover for all your needs and also that you won’t get any unpleasant surprises when the time comes for you to collect your money. If you don’t have the time to consult an insurance agent you can browse online and you will find many sites that offer marine insurance and provide discounts and reductions.

Marine Insurance Basics For Beginners

Marine insurance reimburses financial losses due to damage to a ship and any accompanying properties, including the cargo, from port of departure to port of destination. Available specialty marine insurance policies include those for marine cargo insurance, marine business insurance, and personal watercraft insurance.

One type of marine insurance is individual watercraft insurance which is aimed to target insurance of non-commercial usage watercraft. Individual watercraft insurance is similar to that of automobiles. Similar to automobile insurance, individual watercraft insurance policies might not only cover property losses but also offer individual protection and watercraft liability coverage.

The liability coverage may cover bodily injury to watercraft occupants, along with others who are involved in any accident. Further medical coverage is generally available in a separate policy rider. Uninsured boater coverage is available as well to cover any damage incurred from hit-and-run vessels, or from vessels which lack insurance coverage.

There is also the option of towing and salvage insurance. It can help with smaller incidents such as an engine failure, mechanical breakdowns, or even having fuel delivered to a stranded ship. Towing and salvage insurance can also help to offset the high costs associated with a vessel that has sustained much damage.

Agreed Value or Actual Cash Value forms are what’s generally offered for hull coverage on a standard vessel. Because for insurance, it depends on the cash value policies to determine whether when the vessel ages if it will depreciate in value. Some insurance companies continue to pay the full amount without the depending on the depreciation value.

Similarly, marine insurance can cover any and all risks, or just risks and perils specified in the policy. No matter the policy type, it is very important to fully understand all of the stipulations which may render the policy null and void. For example, many policies specify navigational limits which render the policy void if exceeded. Depending on the area, accidentally exceeding navigational limits can be very easy on the water where boundaries are not well marked.

Personal watercraft insurance is available for virtually all watercraft, from small pleasure boats and fishing boats, to large yachts and houseboats. Specialty coverage can include coverage for watercraft rentals, fishing excursions, and other charter boat trips. With a wide selection of insurance companies and options available, finding the right coverage for your craft and situation simply takes a little research.

Basics of Inland Marine Insurance

The concept of marine insurances also originates with the insurance itself. Businesses realized that ocean marine insurance only covers for the losses of merchandises and goods when are being transported by water-bound vessels and that the goods still need to be protected financially after being offloaded until they reach their ultimate destination.

Thus, the process of “inland marine insurance” was initiated to protect the goods while they are temporarily stored in warehouses and are in transit on land. The main idea is to protect the shipment from all sorts of transportation perils and not just when over the ocean.

Inland marine insurance covers transportation losses for businesses in the supply chain sector and anyone in general who needs to transport the goods from one destination to another.

The inland marine insurance covers any property that is in transit which includes the following:

1. Shipments from manufacturer or supplier to the purchaser
2. Consignments from warehouse to the retailers and sellers
3. Assets that is on its route for exhibition or convention
4. Specialized equipment of various industries such as medical equipment, oil & gas equipment, construction, etc.

Properties that are somehow involved in communication and transportation such as bridges, wharves, transmission lines and towers, are insured using inland marine insurance.

Movable Property and Equipment

All such equipment that is transferred from one location to another (except for licensed vehicles) lie in the category of moveable property. It covers for such losses regardless of the location at the time when damages were sustained. A commercial inland policy will be required for properties used in businesses that are located far from the premises since standard commercial policies offer only limited coverage in this regard.

Commercial Property Floater

This covers for the damages sustained by the equipment and other objects of importance to the business that are not present at one location. There are numerous commercial operations which offer mobile services in various locations. If you run such a business, then you may require commercial property floater insurance. The nature of such policies varies from one business to another.

Bailee’s Coverage

Inland marine insurance also covers for the damages sustained by another person’s objects in your possession. Anybody who has the temporary possession of someone else’s property is called a bailee. Bailees may procure a policy to cover for losses in their possession to overcome the legal liabilities to the original owners if the property is harmed, missing or stolen.

Personal Inland Marine Insurance

This type of insurance provides protection to your personal belongings regardless of the fact that they are in transit or not. Your homeowner’s policy can be expanded to include inland marine coverage to protect your investments in items such as silverware, jewelry, computers and peripherals, cameras etc. In order for these objects to qualify, they have to be portable and should have a high value.