By Veronika Globalisation has witnessed business having a global presence. Unlike having a local reach earlier, now organisations aspire to go global. Although the risk hasn’t significantly reduced, it can be supported by a strong business plan. A plan supported by a robust logistic system along with the right packaging for your product is essential. But since the risk in transportation of goods has remained more or less the same, it has emphasized the importance of having commercial insurance for your goods – a marine insurance cover.
A marine insurance policy helps to protect your goods against any damages that may be caused during transit. The policy coverage is not only limited to transit, but also when docked at the ports. Uninsured damages to these goods can have an adverse financial impact on your business.
What are the features of a marine insurance cover?
Marine cargo policy comes handy to protect the insured goods against material damages. These damages may lead to rejection, thereby leading to business losses. Here are some noteworthy benefits of having a marine insurance cover for your goods –
#1 Comprehensive coverage: A marine insurance policy protects your goods against any damages during the transit. The policy coverage mentions the various events against which they are covered.
#2 Offers customisation: Marine insurance plans can be customised to suit your coverage requirements. A custom plan offers advantages that every business entity can take advantage of.
#3 Flexible: The flexibility in the plans give you the option to select a policy based on the value of your goods and your budget.
#4 Add-ons: Any additional coverage can be selected to increase the scope of your policy. This depends on your coverage requirements and the events you want to insure for the goods.
What should you consider when buying a marine insurance policy?
There are many reasons to consider buying a marine insurance cover some of which are highlighted below.
Analyse your needs: Analysing your coverage need help you purchase a policy that is best fit for you. Any case of losses during transit can be secured using an appropriate plan with adequate coverage.
Goods are vulnerable to theft: Often it is noticed that when transporting goods, theft may occur. This is an unfortunate case not only on interior and deserted roads but also in the urban areas. Using a marine insurance cover, any losses due to such theft can be insured helping you secure your business.
Loss or damage at sea: The damages that may occur to your consignment are unpredictable despite taking adequate measures to protect it. A marine insurance cover will not help you protect the goods, but make up for the financial loss due to the damages to your consignment.
Coverage of your marine insurance cover: An important consideration is the coverage your insurance plan offers. Make sure you opt for a plan that has the coverage you want for the goods.
Who is eligible to purchase a marine insurance cover?
Anyone who is engaged in the business of selling or buying can purchase a marine insurance policy. Even the institutions that finance these transactions can purchase a marine insurance cover and make it mandatory to have one.
These are some of the things to know about marine insurance plans. Having public liability / commercial general liability insurance for business organisations along with marine insurance cover can be useful too. So take that much-awaited insurance cover and have peace knowing the unforeseen transit events are covered by your policy.
james