Benefits Of A Voyage Policy

The coverage of losses while at sea due to circumstances that are beyond your control is termed as voyage insurance. In the import-export trade, this form of a business arrangement is very essential. Let’s look at some of the benefits of marine insurance, which is like any other form of insurance with a slight difference. You can say that it is a tossup between home and auto insurance.

  • Protection rights of the ship owner are factored into and an imperative should the vessel collide with another, in case of an oil spill, fire and any damage or loss to life and cargo.
  • Hull insurance has two policy forms – the Open Perils policy which covers almost all external risks. The few that may not factor under the cover is ice or aging of the vessel. The Named Perils policy covers specific perils such as piracy and bad weather conditions.
  • Hull insurance is a preventive measure that encapsulates repairs and prevention of future damage to the vessel. If required, the ship owner may request for non-sea-related add-ons, which requires an additional premium.
  • Cargo insurance covers any loss or damage to goods while in transit as a single shipment or multiple shipments.
  • It is extremely necessary to read the fine print while going in for cargo insurance. Read about geographical restrictions prior to signing on the dotted line.

The different types of voyage insurance therefore cover:

  • Freight insurance – protects the merchant vessel should the cargo be damaged. This can occur while shuttling cargo from one location to the next.
  • The port risk policy ensures that the ship is safe while docked at port. This is essential should an unprecedented event occur.
  • The liability insurance cover is a requisite should the ship crash.

The point of opting for marine insurance is to make sure that the vessel and the cargo is taken care of at all times. Accidents do occur from time to time, and while the premium may be relatively large, it is foolhardy not to be insured. The fundamentals of a contract are to ensure that there is no breach. If there is (a breach), the breached party is entitled to claim damages. The basic advantage of an insurance policy is to make sure that you are covered. Without this basic umbrella, one can lose out big time. By paying the premiums in time and not ignoring the essentials, one can be safe not sorry.

What Is Commercial Insurance? What Are Its Benefits?

Commercial insurance is a type of insurance that helps provide protection to businesses against losses, damage, and destruction. It includes protection provided to employees of the business such as the workmen’s compensation act and personal liability insurance. There are various types of commercial insurance for different types of businesses and companies so depending on what type of business you have or run you can choose a suitable insurance policy accordingly.

Let’s take a look at some of the popular types of commercial insurance available –

  1. Engineering insurance – engineering insurance provides complete protection to buildings that are undergoing construction and covers all risks related to contractors and erection. It indemnifies or compensates any losses incurred by a building or engineering project while a building is being erected. It covers all kinds of risks associated with the construction of a building and any kind of erection work for a certain period of time on the payment of periodical premiums that the building developers, contractors or engineers will pay to the particular insurance company. It covers any damage or loss to the property as well as third party liability for property damage or injury to the body caused accidentally during the erection or construction of a building. It will not, however, cover the risk of loss or damage caused due to events that are not mentioned as per the terms of the engineering insurance contract.
  1. Property insurance – it is basically the insurance provided to a building or property once it is fully constructed and operating. It covers any risk of damage caused to the building, including renovation costs, the cost of furniture and fittings, stocks, plant and machinery and other components and properties of the building that are liable to loss or damage. The loss or damage should arise from either natural causes like fire, lighting or impact damage such as water, explosion damage. It includes loss caused by maliciousness, strikes, riots and earthquakes. You can add more risks to be covered in your insurance policy. Property insurance is of four kinds – money insurance, plate glass insurance, burglary insurance, and business interruption insurance.

Advantages of having commercial insurance:

It covers all kinds of natural and manmade risks associated with any kind of property or commercial business. It covers a wide range of properties including the employees working in the particular business or organization.

It also includes the liability of directors and officers working in a large business organization or multinational company in addition to their personal life insurance policies. Foreign worker medical insurance is also covered by commercial insurance.

Allegiance is an insurance company in Singapore that provides all kinds of commercial insurance including professional indemnity insurance in Singapore.