Why Marine Insurance is necessary

Marine Insurance

This tutorial is divided into points covering various important parts of Marine Insurance. This tutorial is a quick summary of  Marine Insurance. 

Marine insurance is mostly done by businessmen or big companies, who have to bring their goods from one country to another via sea reach them.


Important points related to Marine Insurance

  • If the ship accidentally hits a rock and then sinks in the water, the insurance company will give compensation to the policyholder.
  • If the ship is looted by pirates, the insurance company will reimburse it for the loss.
  • If the ship is lost.
  • If due to any reason like flood etc., the goods kept in the ship are destroyed.
  • Even if the ship is robbed by the enemy, the insurance company will give compensation to the policyholder.


Type of Marine Insurance:-

1. Ship Insurance

2. Cargo Insurance

3. Freight Insurance


Ship Insurance:- Ship insurance is provided by the owner of the ship so that if there is any loss of the ship, the insurance company will pay the loss to the shipowner.

Cargo Insurance:- Under this insurance policy, the goods kept in the ship are insured so that the insurance company will give of the goods if any typhoon causes the goods in the ship to deteriorate.

Freight Insurance:- In this insurance policy, there is the insurance of the fare charged on transporting and transporting the goods.


Principle of Marine Insurance:-

  • It is the responsibility of the policyholder to give the correct details to the insurance company so that there is no problem at the time of receipt of compensation. In the contract between the policyholder and the insurance company, it is the responsibility of the policyholder to give the correct information to the insurance company. For example, if a person insures his car, but gives the paper of another’s car or the property the policyholder is insuring is not his property, then compensation will not be given in this situation, hence insurance whatever contract has been made between the policyholder of the company, correct information should e given otherwise there may be trouble at the time of compensation.  
  • The property loss of the policyholder is causing real harm to him, it should not happen that the policyholder has insured a worthless asset that he does not need. The insurance company assumes that the policyholder only intends to take advantage. Due to which the property is lost, it should be written in the insurance policy, otherwise, compensation will not be paid.
  • The insurance company undertakes the responsibility of paying the policyholder's compensation and bringing it back to its original position so that it can take whatever it wants.
  • Due to which the property is lost, it should be written in the insurance policy, otherwise, compensation will not be payable.

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