What is marine insurance? - MedBond Insurance Brokers.
Our team was established in 1994 and is comprised of over 60 marine insurance professionals. Chosen specifically for their knowledge and experience, our team place business in all major marine insurance geographical hubs including London, Scandinavia, Continental Europe, the United States and Singapore.
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the.
A marine-insurance policy that insures a vessel or its cargo during a specified voyage. wager policy. An insurance policy issued to a person who is shown to have no insurable interest in the person or property covered by the policy.
Different Types of Marine Insurance Plans. Wager Policy is a kind of policy wherein the payment is not stated beforehand but reimbursement is provided when the insurance company comes across any damage which is worthy of a claim. It is neither a written insurance nor does it provides any compensation. It is also invalid in the court of law. Importance of Marine Insurance Policy. Provides a.
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull.
The difference between gambling and insurance lies in the nature of the risk involved. In gambling, no risk exists before a wager occurs. Thus, gain or loss depends on one's decision. In insurance, risk pre-exists the contract. The possibility of loss therefore is not a choice; insurance simply attempts to mitigate it.
Like any form of insurance such as home or car insurance, cargo insurance has a termination date, a date the marine insurance ends. Normally marine insurance ends 60 days after the goods arrive at the port of final destination. The importer (buyer) has 60 days to clear the consignment through customs at the port of final destination and arrange transport to the final warehouse.