In the shipping business, things can and will go wrong. That’s why marine insurance exists. Marine insurance covers your business against losses from natural disasters, accidents, and other unforeseen circumstances that could put you in a tight spot financially. Your company might not be able to get back on its feet if you don’t have the right coverage at the right time. You need to understand what marine insurance is, who needs it and how much coverage you need to protect your business. Let’s take a closer look at everything you need to know about marine insurance as an owner of a shipping company.
Marine insurance is a type of insurance that protects the owner of a ship against financial loss due to damage to or loss of the ship, cargo, or loss of earnings as a result of voyage delay or cancellation. Marine insurance is also known as “shipping insurance” or “freight insurance.” Marine insurance covers the loss of or damage to property, damage to or loss of the ship, legal liability, crew wages, and voyage delay or cancellation. Marine insurance falls into two categories: commercial marine insurance and yacht marine insurance. Commercial marine insurance covers larger vessels like cargo ships, tankers, and passenger ferries. Yacht marine insurance protects smaller vessels like boats and yachts.
There are many reasons why you’d want to make sure your shipping company has marine insurance. Let’s take a look at some of the most important ones:
Almost everyone who works in the shipping and transportation business needs marine insurance. This includes owners of shipping companies, ship operators, tug boat operators, and other people who work in the business. Anyone whose job involves the transportation of goods by boat needs marine insurance. Marine insurance is required for many types of ships, ferries, and boats. If you don’t have marine insurance and you’re required to have it, you could face fines or other legal consequences.
Our warehouse-to-warehouse insurance policy covers physical loss or damage to your goods from external causes including the following;
The cover can be extended to cover the following at a premium to be agreed upon
In a global economy, moving goods around the world can be a risky business. Organizations and individuals need to protect their cargo to remain in business.
Whether you ship by sea or air, the Heritage Insurance Marine Cargo cover provides you with solid protection from the moment your goods leave the warehouse until they arrive at their eventual destination.
To find the right marine insurance, you’ll need to know how much coverage you need. You can start by asking your accountant for an estimate of your insurance needs. You can also come to us at Shimin Insurance Agency, and we will help you find the right marine insurance company for you.
Marine insurance companies have different coverage amounts and benefits. So, it’s important to choose the right company and the right amount of coverage for your needs. Marine insurance companies will ask you questions about your business and what you do to help figure out your insurance needs and coverage amounts. You may be asked about your employees, their experience, the type of ship you own, and any other factors that may impact your needs. It’s important, to be honest, and provide accurate information. You can expect marine insurance companies to ask you questions about your business when you start applying for coverage.