{"id":2270,"date":"2025-12-30T06:20:58","date_gmt":"2025-12-30T06:20:58","guid":{"rendered":"https:\/\/www.iiiem.in\/blog\/?p=2270"},"modified":"2026-01-22T05:38:48","modified_gmt":"2026-01-22T05:38:48","slug":"understanding-marine-insurance","status":"publish","type":"post","link":"https:\/\/www.iiiem.in\/blog\/understanding-marine-insurance\/","title":{"rendered":"Understanding Marine Insurance &#8211; Benefits and Purpose"},"content":{"rendered":"<h3>What is Marine Insurance<\/h3>\n<p>Marine Insurance protects exporters, importers, and logistics operators against financial loss or damage to cargo during transit, whether the movement is domestic or international.<\/p>\n<p>Marine insurance covers goods in transit \u2014 international OR domestic.<\/p>\n<h3>Why Marine Insurance is important in Export Import business?<\/h3>\n<p data-start=\"532\" data-end=\"578\">In international trade, goods face many risks:<\/p>\n<ul>\n<li data-start=\"582\" data-end=\"610\">Damage due to rough handling<\/li>\n<li data-start=\"613\" data-end=\"633\">Loss of cargo at sea<\/li>\n<li data-start=\"636\" data-end=\"651\">Fire, explosion<\/li>\n<li data-start=\"654\" data-end=\"672\">Theft or pilferage<\/li>\n<li data-start=\"675\" data-end=\"702\">Vessel sinking or collision<\/li>\n<li data-start=\"705\" data-end=\"747\">Natural calamities (storm, cyclone, flood)<\/li>\n<li data-start=\"750\" data-end=\"777\">Container falling overboard<\/li>\n<\/ul>\n<p>Without insurance, the entire loss is borne by a single party, either the exporter or importer.<\/p>\n<h4><strong>Marine insurance protects the party at risk \u2014 not the party paying the premium.<\/strong><\/h4>\n<p><strong>Types of Marine Insurance\u00a0<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2272\" src=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Types-of-Mar-Insu.png\" alt=\"\" width=\"496\" height=\"169\" srcset=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Types-of-Mar-Insu.png 496w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Types-of-Mar-Insu-300x102.png 300w\" sizes=\"auto, (max-width: 496px) 100vw, 496px\" \/><\/p>\n<p><strong>Incoterms and Who claims<\/strong><\/p>\n<p>What is the Incoterm and Who claims the insurance?<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2273\" src=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Inco-and-Claim.png\" alt=\"\" width=\"495\" height=\"173\" srcset=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Inco-and-Claim.png 495w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Inco-and-Claim-300x105.png 300w\" sizes=\"auto, (max-width: 495px) 100vw, 495px\" \/><\/p>\n<p><strong>Marine Insurance Policy<\/strong><\/p>\n<p>What is covered under this type of Insurance and what is not covered<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2274\" src=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Insu-cover.png\" alt=\"\" width=\"496\" height=\"212\" srcset=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Insu-cover.png 496w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Insu-cover-300x128.png 300w\" sizes=\"auto, (max-width: 496px) 100vw, 496px\" \/><\/p>\n<p><strong>Below we give a detailed understanding of various Parameters involved in the calculation of Premium for Marine Insurance\u00a0<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-2275\" src=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Marine-Insur-898x1024.png\" alt=\"\" width=\"665\" height=\"758\" srcset=\"https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Marine-Insur-898x1024.png 898w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Marine-Insur-263x300.png 263w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Marine-Insur-768x876.png 768w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Marine-Insur-660x753.png 660w, https:\/\/www.iiiem.in\/blog\/wp-content\/uploads\/2025\/12\/Marine-Insur.png 944w\" sizes=\"auto, (max-width: 665px) 100vw, 665px\" \/><\/p>\n<p><strong>Avoid the following Mistakes to Save Premium<\/strong><\/p>\n<ul>\n<li>Insuring only invoice value<\/li>\n<li>Taking ICC (C) to save premium<\/li>\n<li>Missing inland transit cover<\/li>\n<li>Wrong company name<\/li>\n<li>Delay in claim intimation<\/li>\n<li>Back-dated insurance<\/li>\n<li>Currency difference &#8211; Insurance Currency should match Invoice currency<\/li>\n<\/ul>\n<p><strong>Marine insurance protects the party at risk \u2014 not the party paying the premium.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Marine Insurance Marine Insurance protects exporters, importers, and logistics operators against financial loss or damage to cargo during transit, whether the movement is domestic or international. Marine insurance covers goods in transit \u2014 international OR domestic. Why Marine Insurance is important in Export Import business? In international trade, goods face many risks: Damage\u2026 <span class=\"read-more\"><a href=\"https:\/\/www.iiiem.in\/blog\/understanding-marine-insurance\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":2271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,487,488,486],"tags":[],"class_list":["post-2270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-iiiem","category-marine-insurance-carrier-and-cargo-protection-insurance-export-import-shipping","category-marine-insurance-insurance","category-risk-management"],"_links":{"self":[{"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/posts\/2270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/comments?post=2270"}],"version-history":[{"count":4,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/posts\/2270\/revisions"}],"predecessor-version":[{"id":2279,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/posts\/2270\/revisions\/2279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/media\/2271"}],"wp:attachment":[{"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/media?parent=2270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/categories?post=2270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iiiem.in\/blog\/wp-json\/wp\/v2\/tags?post=2270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}