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Marine Insurance covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination.
Providing protection against transport-related losses, this voyage policy provides a haven for shipping companies and couriers because it protects them from costly potential losses while transporting goods by water. Despite following laws and safety regulations, transporters cannot control natural occurrences that might disrupt the cargo or vessel.
Things like weather hazards, encounters with pirates, and cross border conflicts are quite common in water transportation and the damages associated with these situations can cause a significant financial hardship for ship owners.
This is where a marine insurance policy comes to the rescue, protecting the interests of shipping corporations and transporters by providing them with insurance coverage needed to defend against possible losses. Another great feature of marine insurance is that transporters can choose coverage options applicable to their specific trade.
Coverage requirements can differ, so shipping businesses can choose an insurance plan that is customized. Different policies are available to provide coverage according to the size of the ship and routes taken. Marine insurance plays an important role in domestic trade as well as in international trade. Most contracts of sale require that the goods must be covered, either by the seller or the buyer, against loss or damage.
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek and Roman maritime loan. Separate marine insurance contracts were developed in Genoa and other Italian cities in the fourteenth century and spread to northern Europe.
The normal practice in export /import trade is for the exporter to ask the importer to open a letter of credit with a bank in favour of the exporter. As and when the goods are ready for shipment by the exporter, he hands over the documents of title to the bank and gets the bill of exchange drawn by him on the importer, discounted with the bank.
The law relating to marine insurance was codified in England by the Marine Insurance Act of 1906, and this Act came into force on January 1, 1907. This was proposed and initiated in an attempt to clarify and set forth the regulations and policy variables associated with marine insurance agreements.
Today, as in historical times, ocean marine insurance is essential to international commerce. The worldwide shipping of petroleum products, manufactured goods, and agricultural products creates a great need for ocean marine insurance. Many people who never think about this insurance actually pay the premiums because they are included in the price of foreign petroleum, imported automobiles, and other imported products.
In international sales transactions, with goods generally having to be transported over long distances and being subject to a variety of hazards en-route, the risk of loss of, or damage to, goods is relatively high. If the loss or damage does occur, profitability will be lost unless the goods are covered by insurance.
Marine cargo insurance is aimed at removing, as far as possible, the financial burden of the risks of loss or damage associated with the transportation of goods between exporters and importers and placing it with specialist insurance underwriters.
The Global Marine Insurance market can be segmented into following categories for further analysis.
The Internet of Things (IoT) is a term that is quite mainstream these days. And players in the Marine industry are finding ways to use it to their advantage. Cost-savings, safety, efficiency, and product/service quality are all wins when embracing technological innovations, but there are some concerns to be addressed.
Sensor technology and geo-spatial technology are aiding navigation. Advances in artificial intelligence are helping vessels to operate with less human interaction or smaller crews. Blockchain is starting to challenge the way that the industry conducts business.
There has been considerable analysis on advancements that are changing risk profiles, and possibility of insurance coverages protecting them. Similarly, the Global Marine insurance industry is adopting some of these technologies to help our clients’ risk management and loss prevention efforts, and to boost our own efficiencies.
Some marine insurers, including protection and indemnity (P&I) clubs and cargo insurers, go a step further and help customers with loss prevention. Using IoT data to dynamically assess that customer’s risk makes sense. Providing data-based advice to help customers mitigate or prevent losses makes even more sense.
As ship managers turn to IoT to guide their decisions, insurers can use the same data to calculate premiums based on a more accurate assessment of each customer’s risk profile. IoT cargo monitoring for cargo insurance is a booming business. Continuous remote monitoring of physical parameters not only helps insurers understand the risks, but it can also help the cargo owner and the ship’s crew to prevent or minimise damage.
With today’s rapid development of digital technology, marine insurance is adapting to the times, evolving to keep up with new advances and addressing new risks that emerge.
Concirrus has been part of the marine insurance sector as part of the improvisation based technological integrations within the Global marine insurance market. It has proved that behavioural data is a better indicator of risk than traditional demographics. Their hull, cargo and P&I insurance offerings leverage the latest in digital techniques, including IoT, to gain a holistic view of vessel behaviour. This enables real-time asset management, predictive modelling, and optimised connected insurance policies.
Allianz Global Corporate & Specialty (AGCS) provides global marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses. The organisation operates on varied levels of products which includes Protecting specialist shipments of project-critical equipment for large civil, production facility and infrastructure projects around the world alongside Hull and machinery coverage for all types of blue- and brown-water shipping, plus shipyards and building risks, as well for mega yachts, yachts, and pleasure craft.
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