Get Quote alt-image
Need Help?
Request a Callback from Us
Thank you for showing interest.
Enter your contact details to proceed.

  • image
  • Thank you!

    We are always available to resolve your queries! You will receive a callback from us.

The time slot chosen for you is 9th March, between 10AM - 12PM

back Back to Blogs

Customising Marine Insurance Policies to Fit Your Needs

Posted on 07 Jan, 2025

Investing in the right insurance policy ensures peace of mind and financial security during unforeseen events. If a covered event occurs, the insurer offers financial compensation to the insured and saves them from paying huge bills from their pocket.
Marine insurance is one such insurance product that covers policyholders against loss or damage to their ships and cargo. Let’s talk about this insurance product in detail.

Marine Insurance

What is marine insurance?

Marine insurance is an important insurance product that covers ships and other vessels against financial losses. It covers damage to the vessel and cargo from the point of origin to the final destination. However, the coverage of marine insurance is not limited to ships and other sea vessels. It also covers goods transported by road, rail and air, including couriers and postal service.

The Marine Insurance Act of 1963 governs the marine insurance policy in India. It is regulated by the IRDAI, or the Insurance Regulatory and Development Authority of India, and offered by general insurance companies in the country. There are various types of marine insurance policies to choose from, some important ones being hull insurance, cargo insurance, freight insurance, and liability insurance.

Features of marine insurance

The features of a marine insurance policy are —

1. Coverage: A marine insurance policy particularly covers loss or damage to ships and other vessels during transit. However, the policy coverage is not restricted to these. You can also buy this insurance product while transporting goods through road, rail and air.

2. Premiums: The premium of a marine insurance policy depends on certain factors, such as the policy type and coverage, the mode of transportation, the value of the cargo, the amount of risk involved, etc. For example, you will have to pay a higher premium for longer distances and high-risk cargo or consignment.

3. Perils covered: A marine insurance policy covers various perils, like theft, piracy, fire, collision, and natural disasters and saves you from financial setbacks.

4. Third-party liabilities: If your ship or vessel causes damage to a third party’s ship, cargo, or any other property, your marine insurance policy will cover the same.

5. Customised coverage: You can easily customise a marine insurance policy as per your requirements.

6. Worldwide coverage: The policy offers worldwide coverage. Thus, investing in one can ease your worries and financial liabilities during unforeseen events.

Customising marine insurance to fit your needs

Insurance companies offer a range of marine insurance policies, so you can choose a suitable one and customise it as per your requirements. You can customise a plan keeping the following points in mind —

1. Identify your needs: Choose a plan as per your insurance needs.

  • Identify the type of vessel you want to cover under marine insurance.

  • Consider the type and value of cargo you want to transport.

  • Keep the transport route and region in mind.

  • Evaluate the risks involved, like adverse weather conditions, theft, and manmade risks

2. Select suitable coverage: Check the available policies and coverage options and choose one that best suits your requirements.

3. Determine the coverage amount: Keep the following things in mind and choose the coverage amount accordingly —

  • Value of the cargo to be transported

  • The market value of the vessel

  • Potential risks and legal requirements

4. Check additional clauses and exclusions: Insurance companies may have additional clauses with marine insurance. Hence, make sure you check the same and zero in on a policy accordingly. Some examples of additional clauses in marine insurance are deductibles and extended coverage. Go through the exclusions as well to make an informed purchase decision.

How can you customise a marine insurance policy online?

You can easily customise a marine insurance policy online with a few clicks. Here’s what you must do:

  • Select a reputed insurance provider offering marine insurance policies.

  • Visit their official website and look for the option to buy marine insurance online.

  • Fill out the required details, such as the name of the company, commodity or cargo type, the sum insured, type of voyage (domestic, import or export), mobile number, PIN code, etc.

  • Tap on the next option to see the available plans.

  • Select a suitable plan as per your requirements and pocket and finalise the purchase.

Conclusion

To sum up, a marine insurance policy can safeguard your cargo against unpredictable events, both natural and manmade. Thus, investing in this insurance product before sending a shipment will ensure peace of mind and financial security. You can easily customise a marine insurance policy to suit your specific needs and make the best use of this insurance product.

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). customersupport@iciclombard.com. www.icicilombard.com. (Marine Insurance, 4010 , IRDAN115P0010V01200607)