What is covered in a marine insurance policy?
For marine insurance generally 3 different levels of coverages are available.
Generally marine insurance basic cover provides the coverage for fire, discharge of cargo in case of distress collision etc.
It covers the shipment against earthquake, volcanic eruption, and loss occurred due to rainwater, seawater, river water etc.
Comprehensive marine insurance cover may provide loss due to denting, theft, breakage, water damage etc.
What is not covered in a marine insurance policy?
Generally below things are excluded in marine insurance policies. However, for the complete list of exclusions it is important to refer policy wordings.
- - Issues due to delivery of the goods
- - Poor quality of goods
- - Intentional loss
- - Repairing
- - Renovation
- - Insolvency due to personal reasons