Marine Insurance for Older Boats
Owning a boat can be fun, exciting, and rewarding. If you have the opportunity to become the captain of an older boat, then you will also want to secure your beloved possession with adequate insurance. For this, boat owners can invest in marine insurance for older boats in India. Let’s dive into the various facets of marine insurance for older boats.
Intermediate Storage Coverage in Marine Insurance
Often, while in transit, the cargo needs to be stopped and stored before being delivered to its destination. The reason for this can be congestion at the port, delay because of bad weather, or slow customs clearance. While the goods are in intermediate storage, they need to be protected against damages that might occur during storage. Since the goods are no longer in transit, this coverage may not be included in the original policy.
Basis Of Valuation In Marine Insurance
In shipping and marine cargo insurance, the Basis of Valuation (BOV) refers to the method used to determine the insured value of stock/goods during transportation. This valuation determines how much you will be compensated for if the goods are lost or damaged.
Documents Required For Marine Insurance
Applying for claims processes requires careful assessment of damages along with the submission of authentic documents as required by the insurance provider. The requirements for claiming marine insurance in India are typically explained to the insured party by the insurer upon enquiry of a claim initiation.
International Ship And Port Facility Security Isps Code
It is undoubtedly essential to be aware of the ISPS Code for individuals employed in the marine industry, especially international trade. The ISPS Code establishes comprehensive security measures and protocols to protect ships and Indian port facilities from threats.
Mixed Policy
A mixed policy in marine insurance is a combination of both a voyage policy and a time policy. A voyage policy ensures a specific shipment for its journey from one port to another. A time policy, on the other hand, covers a vessel or cargo for a designated period, regardless of the number of voyages undertaken during that time frame.
Marine Insurance for Older Boats
Owning a boat can be fun, exciting, and rewarding. If you have the opportunity to become the captain of an older boat, then you will also want to secure your beloved possession with adequate insurance. For this, boat owners can invest in marine insurance for older boats in India. Let’s dive into the various facets of marine insurance for older boats.
Intermediate Storage Coverage in Marine Insurance
Often, while in transit, the cargo needs to be stopped and stored before being delivered to its destination. The reason for this can be congestion at the port, delay because of bad weather, or slow customs clearance. While the goods are in intermediate storage, they need to be protected against damages that might occur during storage. Since the goods are no longer in transit, this coverage may not be included in the original policy.
Basis Of Valuation In Marine Insurance
In shipping and marine cargo insurance, the Basis of Valuation (BOV) refers to the method used to determine the insured value of stock/goods during transportation. This valuation determines how much you will be compensated for if the goods are lost or damaged.
Documents Required For Marine Insurance
Applying for claims processes requires careful assessment of damages along with the submission of authentic documents as required by the insurance provider. The requirements for claiming marine insurance in India are typically explained to the insured party by the insurer upon enquiry of a claim initiation.
International Ship And Port Facility Security Isps Code
It is undoubtedly essential to be aware of the ISPS Code for individuals employed in the marine industry, especially international trade. The ISPS Code establishes comprehensive security measures and protocols to protect ships and Indian port facilities from threats.
Mixed Policy
A mixed policy in marine insurance is a combination of both a voyage policy and a time policy. A voyage policy ensures a specific shipment for its journey from one port to another. A time policy, on the other hand, covers a vessel or cargo for a designated period, regardless of the number of voyages undertaken during that time frame.
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