|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Waterways are the oldest means of transporting goods between places. In olden days those were the fastest means of carrying good compared to road ways; as there were only limited options of land transport. With the development of transportation mediums, people started to use other modes for carrying goods. However, even today if you are to carry a large quantity of goods; especially to a different country; you relay on water ways. From ancient times the risk associated with sea route transport remains the same. Nevertheless, these days people have started insuring their good and the vessel, so that they will not suffer the loss even if some natural calamity happens.
Marine Insurance for your vessel
Marine insurance consists for the vessel and for the cargo. Hull and Machinery (H&M) Insurance covers only the insurance of the vessel; that too only if there is a total loss (referred as TLO or Total Loss only) and not any partial damages. Cargo or freight insurance as the words explains covers for the cargo. This covers for the damage, loss or theft of the goods in transit. If you are depending on a shipping company to transport your commodities, you insure them with Cargo insurance; whereas the shipping company would have an H&M insurance for their ship.
The objective of marine insurance in India is to cover the shipment and the vessel. However, there are no list of perils or incidence against which protection will be provided by the insurance providers. Most of the insurance policies covers total or partial damage to expensive goods. Some of the risk coverages are:
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
For import and export shipments
Transport through rail, air, sea or post
Transport of goods between ports inside the country
Transport of goods through inland waters (rivers/lakes)
Marine insurance in India does not cover:
Damage duo to wear and tear or leakage
Loss due to delay
Damage or loss due to civil war, riots or strikes
Loss due to bankruptcy of the customer/ship owner
Insurance claim procedure is similar to any insurance claim. However, unlike a life insurance claim there may be an investigation or you may have to submit a joint ship/port survey to prove that claim.
The people who provide marine insurance is known as marine underwriter; process of insuring your commodities is known as underwriting. Underwriters are experts who make sure that their clients are protected from almost all unforeseen causalities and damages. Marine underwriting is a complicated job. The underwriting should cover all the dimensions of a causalities. The underwriter should concentrate on the vessel as such, the cargo, the place where the loss happened, and the amount needed for settling the claim. As we all know insurance companies are looking for a reason to reject the claim; hence the underwriting should be perfect to get the insurance sanctioned. The underwriter should be aware of all the insurance laws and regulations of each to country (depending on export and import) if he/she wants to provide the necessary service to the clients.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|