What you need to know about marine insurance if you plan to ship your car overseas

Marine indemnity is a type of insurance that covers items that are in transit. This coverage also covers the vehicle or medium that transports these items both on land and water. Inland marine indemnity is meant to cover transportable properties both through air and land. On the other hand, ocean marine indemnity caters for transportation of goods through the ocean waters.

Ocean marine insurance is divided into three categories. These are:

• Cargo insurance
• Hull insurance
• Hull war risk indemnity
• Protection and Indemnity

A cargo cover covers goods that are transported in the water vessel. Hull insurance is meant to cover the physical risk that the ship is exposed to while on water. These risks include damages caused by heavy seas, anchoring problems, piracy, fire, sinking, capsizing, collision with other vessels and disposal of encumbering freight in order to save other properties.

P&I or Protection and Indemnity caters for liabilities related to piers, docks or crew. Ship owners are also advised to have insurance that caters for ransom and kidnap of their crew members. Hull war-risk indemnity caters for liabilities that can be caused by war.

Benefits

Maritime insurance premiums are usually paid for every transit. The premiums are dependent on the cargo that you are shipping overseas. Most insurance policies will offer coverage that amounts to the value of your cargo. In addition, they may also include charges that you might have incurred for the cargo or vehicle to get to its final destination. Most insurance companies will have geographical restrictions for some of the marine policies. Therefore, you must read the policy to ascertain that it fits your needs to Ship Over Seas - Europe.

Where to get this insurance

Marine covers are provided by several insurance companies, both virtual and land-based. The insurance covers will vary depending on the property that you are insuring. The insurance companies will have varying rules on what the indemnity covers and what it will not cover. The insurance premiums will also differ depending on the region or country that you are shipping from. Therefore, it is best to do your research to ensure that you are getting the best deal in the industry. Take time to consider more than one company before you make your decision.

Underwriting aspects

Before insurance is granted, the indemnity company will confirm the mode of transport used, the geographical areas that the vessel will go through, the voyage, safety of discharge ports, transshipment, packing, atmospheric disturbance, physical or political factors and much more. The insurance premiums that you pay will depend on how risky or safe the voyage will be as determined by the insurance company.

Marine insurance is simply an indemnity cover that covers your cargo while in transit. Therefore, if you are planning on shipping a vehicle that you own, you will need this insurance. This is because your general car insurance will not cater for any risks involved when your vehicle is in transit. Marine Indemnity is an optional insurance. However, it is recommended that you purchase this insurance cover if you are planning to ship your car.

Charlie Brown is a freelance content writer. He has written many articles on different categories like Technology, fashion, finance, travel, health, etc. To know more about him, please his blog.