About Marine Insurance & Ways to get the Cheapest Policies

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<h1>About Marine Insurance & Ways to get the Cheapest Policies</h1><strong> Author: <a href='http://www.articleseen.com/profile_Sam T..aspx'>Sam T.</a></strong><br /><p>Marine Insurance is a legal agreement wherein the insurer insures the insured of any risks involving ships, cargo and terminals. Marine insurance was the first insurance scheme that came in being in its proper modern format. It was started by the Greeks who were then enjoying good maritime business. Then the premiums varied with estimates of risk according to seasons and pirates. The modern definition of Marine Insurance was however laid down by the English Law. It was there that a separate chamber was created for insurance. The growth of the insurance market brought in the standardization of the clauses which have been used ever since. Mostly marine insurance is distinguished as vessel insurance and cargo insurance. Its cover varies from voyage basis to time basis. While the voyage covers the risks between the ports that are set in the settlement, the time is commonly one year or more. Most marine insurances cover around one-third of the insured’s liabilities. They can arise with a collision with another ship or with some other object. It even includes wreck removal as it can block a harbor in many cases. As ever marine insurance is a necessity for any ship or vessel owner. As the business involves huge investments the risks involved are high too and hence is better to be on the safer side. Challenges re involved when you need to decide which insurance to go for. The best idea is to go for a policy that gives you the largest cover at the lowest possible premium. It is also possible to get the lowest possible premium by taking some basic steps. The simple basis behind it is to prove to the insurance company that your ships are safe enough and that they stand less risk. One of the most important steps that can help you achieve the same includes getting safety equipment like fire extinguishers and life rafts for the ships. Ensure that the sailors that are higher have good experience and do not have an accidental career history. This ensures that your ships are in safe hands. Once these two points are taken care of, the safety of your ships is improved. Most insurance companies take this into consideration and keep premium low for such insurances. Another important thing to do before going for any marine insurance is to read the fine print carefully. It might be tedious as the rules are lengthy and pretty tricky to understand. Still the amount of money involved should be considered and taken care of. One should know clearly what the conditions, terms, policies and coverage. Also try to know the navigational limits, beyond which the vessel has no coverage.</p><strong>About the Author:</strong><br />Sam T. Most of the <a rel="nofollow" href="http://www.futuregenerali.in/GeneralInsurance/CorporateProducts/MarineCargoInsurance/MarineCargoInsurance.aspx">marine insurance</a> companies have their information easily available online. One can go and study most of the plans and analyze which one suits you the best. If you need a customized insurance plan, an agent can help you out. It is always better to get multiple quotes and compare to get the best option.<p> Article Source: <a href='http://www.articleseen.com/Article_About-Marine-Insurance--Ways-to-get-the-Cheapest-Policies_83401.aspx'> http://www.articleseen.com/Article_About Marine Insurance & Ways to get the Cheapest Policies_83401.aspx</a></p>

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Keywords : Marine Insurance, Cargo Insurance, India Insurance, Insurance,

Category : Finance : Insurance