Marine insurance

1. FEATURES OF MARINE INSURANCE
Here are some of FEATURES of Marine insurance
PROPOSAL AND ACCEPTANCE
UTMOST GOOD FAITH
COMES WITH WARRANTY
INSURABLE INTEREST
PROPOSAL AND ACCEPTANCE
It is based on a general proposal and acceptance concept. Coverage of risk will start from the date of acceptance of the proposal
by the insurance company. Any loss or damage to goods in transit occurring prior to the date of acceptance of proposal will not be
covered under the marine insurance policy.

2. UTMOST GOOD FAITH
Marine insurance policies work on the principle of utmost good faith. Owner of the goods or property to be transported must disclose all the
required information accurately to the insurance company at the time of availing the marine insurance. Non-disclosure, mis-description or
misrepresenting of facts and information by insured makes the marine insurance policy voidable at the time of claim.
COMES WITH WARRANTY
Marine insurance policies come with warranty which is a legal undertaking between insurance company and insured. It's basically a legal
obligations by the insured. Marine insurance policy stands cancelled or terminated as soon as there is breach of warranty.
INSURABLE INTEREST
Marine insurance gets applicable only if the insured has an insurable interest in the subject matter (insurable property) at the time of
loss. Requirement of insurable interest to be present only at the time of loss makes the marine insurance policy as ‘freely assignable'.
Marine insurance policies ate loaded with many features. With
variety of marine insurance policies available out there as per
the specifications, need and requirement, getting the
customized marine insurance plan which suit the business