Marine Cargo Insurance - CoverMitra Insurance Broking Pvt Ltd

What is Marine Cargo Insurance ?

Marine insurance is a type of insurance that covers losses or damages to cargo, ships, terminals, and transportation methods. It applies to goods being transported between the starting point and the destination. It is an agreement between the insurer and the insured to provide compensation. The policy also includes coverage for goods stored on land or at sea, as well as liability and damage to the ship itself.

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What are the Benefits of Marine Cargo Insurance?

Cargo Loss or Damage

Coverage for loss or damage to the cargo being transported due to perils such as fire, sinking, collision, theft, piracy, and natural disasters.

Delayed Shipments

Coverage for financial losses resulting from delays in the arrival of goods caused by covered perils, such as port congestion, vessel breakdown, strikes, or adverse weather conditions.

Third-Party Liability

Protection against claims for bodily injury or property damage caused to third parties (e.g., dockworkers, stevedores) during loading, unloading, or transport operations.

War and Strikes Risks

Optional coverage that extends protection against risks related to war, acts of terrorism, civil unrest, and strikes.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

What is not covered under Marine Cargo Insurance?

1. Delay-related losses.
2. Improper packaging or handling.
3. Losses due to inherent vice or nature of goods.
4. War and terrorism.
5. Nuclear-related incidents.
6. Intentional misconduct or illegal activities.
7. Consequential financial losses.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

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CoverMitra Insurance Broking Pvt. Ltd. is an IRDAI-authorized insurance broking firm that aims to simplify insurance for its customers to make Smart Choices.

IRDAI License No. 600 Valid till: 01/06/2026

Incorporation date 10/10/2016

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What’s Covered in Fire Insurance?

Loss or damage caused by fire
Loss or damage due to natural heating, fermentation, or spontaneous combustion
Losses or damages resulting from implosion or explosion are covered under fire insurance. This includes damages caused by internal pressure, bursting of boilers, gas explosions, etc.
Fire insurance typically covers losses or damages caused by natural calamities such as earthquakes, volcanic eruptions, storms, cyclones, typhoons, hurricanes, etc.
Fire insurance may also provide coverage for losses or damages caused by malicious acts, including arson, riots, strikes, or civil commotions.
Terrorism (subject to policy clauses): Some fire insurance policies may include coverage against losses or damages caused by acts of terrorism, subject to the specific terms and conditions mentioned in the policy.
Bursting and overflowing of water tanks, pipes, and apparatus (under building insurance): Fire insurance policies that include building insurance coverage may cover losses or damages resulting from bursting or overflowing of water tanks, pipes, or apparatus within the insured premises.
It is recommended to review the policy documents or consult with the insurance company to fully understand the coverage provided by a fire insurance policy.

What is Not Covered Under Fire Insurance?

1. Arson: Intentional fire-setting or fraudulent activity.
2. Vacant or unoccupied property: Extended periods of vacancy.
3. Acts of war and terrorism: Damage caused by war or terrorism.
4. Nuclear incidents: Damage from nuclear reactions or radiation.
5. Wear and tear or lack of maintenance: Gradual deterioration or neglect.
6. Consequential losses: Indirect or business interruption losses.
7. Illegal activities: Fire damage resulting from illegal acts.
8. Specific property types: Certain high-risk properties or violations.

Remember to refer to your policy documents for precise details

What is Not Covered Under Fire Insurance?

Remember to refer to your policy documents for precise details