Marine Insurance

  • Marine Insurance

Marine insurance covers loss or damage during the transfer of property from origin to destination, including ships, goods, terminals and various transportation modes. Cargo insurance is a subset of marine insurance, which also encompasses onshore and offshore exposed property (like container terminals, ports, oil platforms, and pipelines), hull, marine casualty, and marine liability. The coverage spans from the carrier’s departure to its arrival. Apart from sea, marine insurance covers loss or damage through rail, road and air as well. Marine insurance is often thought of as coverage for shipping goods by sea. However, it offers more than that. Marine insurance policies also protect goods during transportation by rail, road, and air.

  • Type of marine policies

Marine Cargo – Open policy

If you buy our open policy, we’ll cover your shipments in a specific period. If any of your cargo gets lost or damaged in this period, we pay for it.

Marine Cargo – Specific policy

With our specific policy, you can protect a particular shipment that’s arriving. We’ll issue certificates for individual shipments.

  • What does Marine Cargo Insurance Cover?

The risks covered by Digit’s Marine Cargo insurance policy are listed below:

Risks Clause

Under the risk clause, the insured cargo which is being transported is protected against all risks that can result in loss or damage of the cargo, except for those expressly excluded.

Clause of General Average

The general average clause in marine cargo insurance compels the insurers to share the cost of losses incurred voluntarily to save the voyage from complete destruction. For example, if a shipper’s cargo is needed to be unloaded or thrown away to save the vessel from total loss, the general average clause requires the insurers to make a contribution to the loss of the shipper whose goods were sacrificed.

Clause of Both to Blame Collision

Both to blame collision clause states that both the ship owners must share the responsibility of a collision and the damage of the cargo, if the crash occurred due to negligence of both parties.

Wilful misconduct

Damage attributable to the wilful misconduct of the insured.

Ordinary costs

Expenses incurred for everyday wear and tear, ordinary loss in weight/volume or leakage.

Insufficiency

Damage caused by insufficiency of packing or preparation of the subject matter insured to withstand the ordinary incidents of the insured transit.
  • What’s covered in Vehicle Insurance.

Accidental Injury

If your employees suffer any bodily injury due to an accident that occurred during the course of their employment.

Occupational Illness and Diseases

Sometimes, workplaces can expose employees to some chemicals or allergens that can be harmful to them and cause illness. This policy will help cover any medical treatments if they get sick.

Disability Cover

Workplace injuries may sometimes result in temporary or permanent disabilities (like loss of sight or limbs) and this insurance can help pay their medical bills and replace some of their lost wages.

Death Benefits

In the unfortunate case that an employee loses their life in a work-related accident, it covers for any funeral costs and provides death benefits to their beneficiaries.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Medical Coverage

Medical costs can be quite expensive, so this insurance covers your employees for any medical expenses from treating injuries due to accidents during their employment.

Delay

Damage caused by delay even though the delay is caused by a risk insured against.

Inherent vice

Damage caused by inherent vice or nature of the subject-matter insured.

Riots

The insurance policy will not cover damage or expenses caused by people taking part in labour disturbances, riots or civil commotions.

Use of nuclear fission

Damage is directly or indirectly caused by or arising from the use of any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.

Unfitness

The policy will not cover the expenses incurred for damage caused due to unseaworthiness of the ship that is used for safe carriage of the subject matter insured.

Perils like war

Damage caused due to war, revolution, rebellion will not be covered under the insurance policy.

Insolvency

Damage caused by insolvency or financial default of the owners, managers, charterers or operators of the vessel was at the time of loading of the subject matter insured on board the vessel, the assured is aware or in the ordinary course of business should be mindful that such insolvency or financial default could prevent the routine prosecution of the voyage.