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01 Jul 2022, Edition - 2544, Friday

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Marine Insurance is a Must-have for these 4 Businesses

Covai Post Network



Being the owner of a business whose operations are carried out via sea-routes is challenging. Transportation over the oceans is prone to disruptions from storms and bad weather. That’s why it is advisable to buy insurance to protect your business.

Insurance is an essential part of many business types, especially those which are responsible for shipping goods. Buying marine cargo insurance will help you cover the loss or damage to cargo, ships, terminals, and any other asset through which property is transferred or acquired.

Here are four businesses for which buying marine cargo insurance is a necessity:

International Export/Import Businesses

Modern international trade is complex and involves various types of transactions, especially around sales, distribution, and delivery of goods from one place to another.

International import/export businesses mainly depend on sea-transport, which is prone to risk and delay-causing factors such as weather unpredictability, tides, lightning and storms.

A Marine cargo insurance policy is a necessity for both importers and exporters who deal with the international transfer of goods. If you have an international import/export business, then you should buy marine cargo insurance now as it provides comprehensive cover against risks. From the loading of the shipment, through its transit, to the time of unloading of cargo, marine insurance will cover and pay for damages, if any.

Business Involving Trade Within the Country

Marine cargo insurance isn’t required only where international trade is involved; you need it for domestic trade as well. Let’s say you own a factory of hand-made chocolate in West Bengal, and you are getting a order for shipment to the Andaman islands. You will have to use marine transport to deliver the order. For such an instance, buying marine cargo insurance helps protect your business from any mishaps.

Oil and Energy Companies

Many countries do not have domestic oil resources available to them. These countries import oil and oil-based products from OPEC (Organization of Petroleum Exporting) nations or others, mainly through marine oil tankers. The companies that transfer these goods from one country to another need t0 insure their shipments.
Buying marine cargo insurance helps to protect your cargo against any mishaps during transit, such as the sinking of a ship, fire, explosion, natural disasters or collision. It will cover your losses and will stand by your side through perilous times.

Logistics Companies

The primary work of logistics companies is to plan, implement, and control the movement of goods and services between points of origin and consumption. Much of the transit happens via sea. That’s why you need to have marine insurance to protect your business from natural calamities such as lightning, storms and tsunamis.
If your business operates in any of the sectors mentioned above, you must protect your assets against contingencies with the help of marine cargo insurance. It is advisable to compare policies from different providers to get the best deal for you. Reputable insurance brokers such as SecureNow offer quotes from different insurers. They have in-depth knowledge of the product and have tie-ups with most if not all good insurers. You can buy cost-effective insurance with the help of an insurance broker

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