How To Choose A Good Marine Insurance

1. How To Choose A Good Marine Insurance Summary:​ We have shared with you some basic tips which will help you pick a good marine insurance. The importance of insuring your boat or vessel is extremely high, considering the rising number of accidents in waterways, around the world. We hope this guide has been informative and will prove useful for you. If you are buying a new boat or already own a fleet, then getting Marine insurance should be your priority. Marine insurance of different types can protect from the high costs associated with a damaged boat, yacht, ship etc. Marine insurance can also protect the goods loaded, if you operate a ship for transportation through waterways and oceans. There are also a number of legal liabilities which can arise if your vessel gets damaged or gets involved in an accident in international waters. All in all marine insurance can offset a number of possibilities which can result in a huge financial burden and getting one is primary before setting your vessel, old or new, on the sea. According to United states coast guard services, there were more than 4000 marine accidents recorded for the year 2014 itself. Looking to get a quality ​marine insurance in India​? Read our guide first that will help you selecting one, from the numerous options available: ● The vessel:​ The first thing to consider when buying marine insurance is your vessel. Boats depreciate in value rather quickly and if you are using an older boat, then it's even more important for you to look for the right insurance. You must also have proper documents which state the value of your vessel, along with technical requirements like dimensions of the boat, year of manufacture, etc. Make sure you have all these handy before you go buying, insurance. ● Types:​ Marine insurance can further be categorised into many parts such as hull insurance, Third party liability, Cargo insurance or a mixed policy which combines these benefits. If you have rented out your vessel to a third party operator look for a liability insurance which will absolve you of any damage suffered, under the third party. If you are into transportation, you can opt for cargo insurance, which might far exceed the value of the ship or vessel. There are also all risk policies which comprehensively cover all aspects of any kind of damage and give you complete protection from all contingencies. ● Cost:​ It's also important to compare costs of marine insurance. Make sure you don't make a decision in haste and carefully go about evaluating the numerous insurance providers and their covers. Not every cover might suit you so decide your type of insurance first before looking at companies. Look for the track record

2. of the company, and the speed of their disbursals, along with their reputation in the market. Resource Box: ​Hitech Group​ is an conglomerate with diverse interests including plastics, lubricants, Industrial chemicals and marine insurance. We provide comprehensive marine insurance covers of all types including, cargo, hull and machinery etc.