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Which insurance policy should you take out?

Marine insurance gives you peace of mind. It means being covered against costly risks, such as loss of life, damage to cargo, oil spills, and the like. Now, which insurance policy should you take out? ๐Ÿค” Here are ๐Ÿต ๐—ถ๐—ป๐˜€๐˜‚๐—ฟ๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ฝ๐—ผ๐—น๐—ถ๐—ฐ๐—ถ๐—ฒ๐˜€ you may come across when youโ€™re in the process of getting your ship and cargo covered. 1๏ธโƒฃ ๐—ฉ๐—ผ๐˜†๐—ฎ๐—ด๐—ฒ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† Itโ€™s valid for a specific journey, from the port of departure up to the port of destination. This type of policy tends to be purchased for cargo. 2๏ธโƒฃ ๐—ง๐—ถ๐—บ๐—ฒ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† Itโ€™s issued for a particular period – often for a year – regardless of the number of voyages. Itโ€™s generally used for hull insurance. 3๏ธโƒฃ ๐— ๐—ถ๐˜…๐—ฒ๐—ฑ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† Your insurance will cover a particular voyage for a specific period (e.g., from Lisbon to Luanda, and then for 24 hours after arrival). It may be beneficial to both hull and cargo insurance. 4๏ธโƒฃ ๐—ฉ๐—ฎ๐—น๐˜‚๐—ฒ๐—ฑ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† The value to be indemnified is decided at the time that you sign the contract, so there wonโ€™t be any disputes in case of loss. The insured value doesnโ€™t necessarily match the actual value. Its calculation includes: ยท Cost of goods ยท Freight ยท Shipping charges ยท Insurance ยท Some margin of profit (generally 10%) 5๏ธโƒฃ ๐—จ๐—ป๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฒ๐—ฑ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† The amount of loss is determined once it occurs. Needless to say, evaluation at the time of damage may be challenging, so this isnโ€™t a common policy in marine insurance. Besides, if youโ€™re in international trade, you should take into account that unvalued policies donโ€™t contemplate your profit margin. 6๏ธโƒฃ ๐—™๐—น๐—ผ๐—ฎ๐˜๐—ถ๐—ป๐—ด ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† Instead of purchasing a marine policy for each shipment, you may take out a policy for a lump sum that will provide cover against all shipments made during a certain period of time. When the cargo is dispatched, you must make a declaration stating its details, and the amount of your policy will be reduced to that extent. 7๏ธโƒฃ ๐—•๐—น๐—ผ๐—ฐ๐—ธ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† Sending goods by rail or truck to the port of departure? Go for a block policy, which will cover both land and sea risks. 8๏ธโƒฃ ๐—ช๐—ฎ๐—ด๐—ฒ๐—ฟ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐˜† This policy is based on mutual understanding, and compensation is only provided if the insurance company finds the damages worth the claim. It isnโ€™t a written policy and it canโ€™t be enforced legally. 9๏ธโƒฃ ๐—ฆ๐—ถ๐—ป๐—ด๐—น๐—ฒ ๐—ฉ๐—ฒ๐˜€๐˜€๐—ฒ๐—น & ๐—™๐—น๐—ฒ๐—ฒ๐˜ ๐—ฃ๐—ผ๐—น๐—ถ๐—ฐ๐—ถ๐—ฒ๐˜€ Wondering whether a specific claim is covered under the clauses of your insurance policy? Let us help you navigate your claim ๐Ÿ‘จโ€โœˆ๏ธ
We are Claimar, your Third Party Administration (TPA) management partner, skilled and expert in marine services.


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