Marine transport has always provided logistical support to global trade from the very beginning of history. In India, over the years, marine transport services have made tremendous progress as well. However, out of the four modes of transportation – land, rail, air, and water – the last, namely, water transit, causes transporters a great deal of concern. This is because there are natural events that often cause damage to both the cargo and the ship. This is where having marine insurance gives you a critical advantage.
Marine insurance is essential for shipowners and transporters to claim damages via the policy in case of any mishap. It includes accidents and other circumstances that might result in potentially massive losses to the carrier’s and the shipping company’s financial situation.
Here are the top reasons why you should get a marine insurance policy in place:
- Cargo Damages are covered
This one is relatively easy to guess–the products are loaded in the ship either by truck, fork-lift, or crane. Such handling can put stress on the packaging of the transported goods, either due to poor handling or heavyweight. In some cases, only the outer packaging may get damaged; however, in severe cases, the complete package, including the products, may suffer damages or a complete loss.
The cartons at the top and bottom of the load are more prone to damage. Port handling workers are quite experienced in handling boxes, but some packages may be heavier or more fragile than they seem. However, marine insurance covers them all. - Containers can get lost during transportation
Every year, a lot of containers that are transporting goods are lost during water transit. While this is tiny in relation to how many containers are transported on the sea each year, this number is on the rise.
While you may take all essential measures to ensure timely transit of your goods in question, an unlikely incident may still result in your packages getting lost. Marine insurance can act as a safety net for you and your company by ensuring that you don’t face a significant financial setback. - Covers you for Catastrophic Events
Unfortunately, there will always be unforeseen circumstances and acts of God like hurricanes and intense storms (the kind of disasters that are considered in insurance policies). Due to catastrophic events, ships can sink and products can be thrown overboard. During such circumstances, having marine insurance coverage can be the best bet for logistic companies. - Covers for Damages caused to expensive artwork during transportation
If you think it’s an easy task to transport an artwork through the marine route, then you’re wrong. These days, a specialized work of art costs a fortune, and it is very fragile. While dealing with transportation of such artworks, you need to be even more careful as even small damage could cost you millions.
By buying marine insurance, however, you are compensated during shipping for the damage caused to such artworks.
Timeliness and safe delivery are critical elements in a marine logistics business. Only when you have a streamlined process, can timely and safe delivery happen. Avoiding unintended damage caused during transit is the most crucial step in providing a simplified transportation system. With the aid of a Marine Insurance, you will be compensated for everything from lost cargoes to damage to the goods. If you are confused about which insurer will be best for you, then you can go for a leading insurance broker like SecureNow. They offer the best advice and help you select the best marine insurance based on the size of your ship, the kind of goods that you transport and the number of employees that you have. So, it is time to call your insurance broker now!
