Sunday 10 May 2015

Everything You Wanted To Know About Marine Insurance

Gone are the days, once your goods were in a transit, then, you had to tirelessly wait and hope for them to reach the destination safely. However, now you can get them insured and have peace of mind. There are specific insurances for this purpose and the biggest benefit of having this policy is that the loss is recoverable only by an insured, who at the time of loss has an insurable interest in the goods.

An agreement of marine insurance is a contract whereby the insurer agrees to cover the assured, in the method and to the amount agreed, in opposition to losses incidental to marine voyage. This is a type of policy that offers security and protection to property and goods while in transit. It is particularly beneficial for you, if you are one of those business owners who either travel a lot or work with high value items. Today, most of the companies offer this policy and you can also buy it as an add-on to an existing policy cover.

If you are wondering how this concept came into picture, then, here is the account. The origin of this policy cover goes back to the 17th century when one of the indemnity providing companies of London initiated it for the first time for its clientele. Prior to this, the company would offer coverage to only cargo of ships; any harm to goods once it had been taken off ships could not be claimed for. As goods would frequently get spoilt in transportation, policyholders were not happy with their outlay in policies. This is when the company launched inland marine cover to guarantee coverage for goods even after it had been offloaded from ships.

Today, the policy can be used to cover for all kinds of goods transferred through land. The policy provides coverage to all kinds of goods and property. It also offers protection against economic and fiscal loss that you may experience, lest your goods and property are stolen during transportation. Similarly, goods damaged in shipment across dry land also obtain coverage.

However, before you buy the policy, make sure you check and gather all possible information about the policy. You can also seek assistance from an expert or an insurance agent and seek answers to all your questions. There may be a few buyers, who would have bought this policy as a supplement, but there are chances that for your needs, you might have to buy a separate marine insurance policy. Look for all these details and then make an informed decision.

A marine services Singapore article by Scotts Digital - Top SEO company in Singapore.

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