Marine Insurance is coverage that provides accountability to the cargo that is being moved. In Cyber Risk Insurance, everything concerning Cyber Space, such as hacking threats, is taken up. Similarly, like Cyber Risk Insurance, everything concerning maritime transportation is considered in Marine Insurances.
Of the four modes of shipment–road, rail, air, and water–it is the water that proves to be the most difficult one as it creates exceeding burden among shippers, not only because of environmental aspects that can ruin the cargo and the vessel, and but also the potential robbery.
So, if you are into any organization that involves a lot of dealing with shipments, get yourself a good marine insurance plan. Here are 4 reasons that highlight why should you consider investing in a Marine Insurance plan:
- Cargo Theft is increasing
Events such as hijack and the risk of cross-border shoot-outs pose a substantial risk to marine shipment; therefore, to avoid any loss because of such acts and accidents, it is always favourable to have a backup such as marine insurance.
It is possible that your precious stocks would captivate the attention of well-coordinated pirates while being transported by water. Sadly, this may happen not just in rural areas, but much in urban localities, where your shipment travels. It might even happen when the truck driver is dozing at a specialized traffic playground facility. Usually, costly commodities are the prime targets of robbers, although criminals will gladly steal less expensive items, such as food. Just in case that happens we can easily claim the loss of marine insurance.
According to a report about 60% of Marine incidents were successfully solved under companies working under the Marine Insurance in Australia policies.
- Natural Disasters
No matter how carefully you have prepared your cargo for marine shipping, the ships or vehicles are still vulnerable to the weather. Even though containerships are becoming larger and more dependable, there is still the possibility of vessel loss due to a sudden severe weather situation.
- Cargo Damages
Marine insurance is required to ensure the protection of your valuable possessions. The carriers that deliver the merchandise are only liable up to a certain point. Depending on your insurance provider of choice, you may insure the things up to a specified maximum above the insurer’s invoice value. In the event of a loss, the insurer will reimburse you following the insurance terms and rate. Caro maritime insurance covers not only the invoice amount but also duties and taxes (in part), as well as any additional costs incurred during delivery.
- Easy Insurance Claim
In a world where Liability claims take many proofs and backdoor investigations, claiming marine insurance may sound hard right? However, it is as easy as you like.
Paying a marine insurance claim takes less time than settling a liability claim. This provision applies when the source of loss or damage is unknown, or when a large claim has been filed, that causes an inquiry. For example, if we may consider the claimant having suffered the loss because of an occurrence for which they cannot hold the carrier accountable, the carrier may object. In such a circumstance, the claimant must substantiate his or her claim.
So, google “Marine Insurance Australia” asap, and find the right insurance plan for you.