Cargo transport has been an inseparable part of India’s export and import industry. India exports goods like petroleum products, engineering goods, and agricultural products globally, while the import of goods includes electronic items, machinery, and chemicals.
All this happens through various modes of transport. Hence, even the slightest damage to such high-value goods can cause major losses. That’s why having a marine cargo policy is a mandatory point on your must-have checklist. Let’s learn what marine insurance is and what features to look out for in a marine insurance policy for export.
What Is Marine Insurance in Export Import and Its Importance?
Marine insurance for export cargo covers a variety of risks and protects against loss or damage to ships, cargo, terminals, and other transportation methods. Here are some core highlights:
Protection Against Export and Import Loss
Marine insurance in India protects against natural calamities like sinking, storms, earthquakes, lightning, etc. It also protects against theft, damage, or loss of cargo or equipment. Any nature of loss leads to severe financial loss. which can be resolved with marine insurance per the policy terms.
Compliance With Legal Requirements
Marine insurance coverage is a regulatory requirement for vessels and shippers in many countries. In India, it is compulsory for all ships carrying cargo to have valid marine insurance coverage before starting their trade journey.
Marine Cargo Policy Facilitates International Trade
Buyers and sellers dealing in international trade risk facing a financial crisis if any damage happens to the cargo. Marine insurance of export cargo mitigates the risk by protecting the cargo during transit. This is a crucial factor that can lead to building confidence in traders.
How to Find a Reliable Marine Insurance Provider in India?
If you are into Export and Import, then you must be wondering which Marine export transit insurance provider is the best for you. Look for these factors while selecting marine insurance in India:
Do They Have a Global Presence?
Choose a marine insurance provider with a global network complemented by local expertise. This ensures comprehensive coverage, expert guidance, and compliance with local regulatory requirements. A provider with international reach guarantees prompt responses and hassle-free claim settlements.
Do They Follow the Principle of Marine Insurance?
An important principle of marine insurance is ‘Utmost Good Faith’. Look for an insurance provider that maintains transparency and honesty, like TATA AIG. If you are into export import, and looking for a company that offers marine insurance for export cargo, choose the one that follows all legal principles and laws with utmost honesty.
Do They Provide Innovative Products?
Go for a marine insurance provider that has multiple innovative products for even a small exporter, importer, trader, and SME. The insurer must offer a wide range of coverage like Import, Export, or Domestic Transit. Many insurance providers offer specific policies for businesses with occasional shipments.
Do They Offer Smooth Online Procedures?
In this advanced era, it is important to check if the insurance company offers end-to-end online processes; right from purchasing a marine cargo policy to filing claims under marine export transit insurance. Here are a few online marine insurance benefits:
- Convenient access
- Quick policy comparison
- Quick policy issuance
- Cost efficiency
- Easy claim process
Do They Offer Customised Policies?
Marine insurance for export offers customised policies tailored to the specific needs of businesses and individuals. Whether you are a trader, shipowner, or logistics company, customised marine insurance ensures coverage aligns with your unique requirements, such as the type of cargo, shipping routes, and potential risks involved.
Look for the Credibility
While you compare different insurance providers, make sure to check their credibility pointers like experience, number of customers served, amount of claims issued, flexibility in policies, comprehensive coverage options, etc.
Go for an insurance provider trusted by people. Such experienced players deliver prompt & reliable services. Also, review customer testimonials and ratings to understand the quality of their service and claim settlement process.
Final Words
If you are a trader, exporter, or importer, evaluate factors like experience, coverage options, possible customisations, and quick claim-handling, to select a provider that meets your specific needs.
A trustworthy insurer not only offers marine insurance for export goods but also offers peace of mind, allowing you to focus on growing your business without worrying about unexpected risks during transit.
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