Marine insurance is a type of insurance that covers cargo loss or damage to the water vessel. Shipping companies take this policy to protects their goods from any damage in the lake/sea. There are many risks such as pirate attach and dangerous which are encountered in water transport.
There are many kinds of policies under marine insurance. The route that a water carrier follows and its size is what determines the kind of marine insurance to take. The following are the most common types of marine insurance. Hauler liability is suitable for giving protection against physical damage to the water vessel. If you are transporting your goods through water, cover your properties with goods in transit. Marine liability insurance gives protection for third party liabilities that the owner is exposed to. For example injuries or illness caused by the vessel.
When you are contracting a marine insurance provider, few things need to be considered. First, think of the financial stability of marine insurance provide. The financial strength of the insurance provider is substantial to the policyholder. Water ships are too expensive, and therefore it requires insurance cover from a stable company. Unstable insurance company is dangerous to the insured because if it fails, the insured loses his/her money. Furthermore, an unstable firm may not be able to pay claims to the insured. It is prudent to examine the financial strength of a firm before signing a contract with it. Financial statements should be requested from the marine insurance provider for scrutiny.
One more thing to consider is the reputation of the marine insurance provider. Investigating the insurance company be contacting with is very important. Almost everything about a company can be found on the net. Reviews about a company can be found on the web. Reviews will be a reliable source of the company’s track record The aim of finding review is to identify negative reviews so to as to determine the problems that client encounters when engaging with the insurance provider. The best insurance provider is rated highly on the web. In New Jersey there are many maritime insurance companies, but John B. Wright is the best.
Another vital factor to put into consideration is the coverage of the insurance company. Go for an insurance company that offers varieties of marine polices. Ensure that you go for an insurance company that has a high specialist in marine insurance. A company that specializes has a better understanding of water shipping risk.
It is wise to go for a firm that has physical location in your area. This eases the process of accessing the company in case of a problem. The marine insurance should also easily accessible through calls and message.