Marine Insurance – An Overview

Marine Insurance provides financial protection against loss or damage to ships, cargo, terminals, and other transport means involved in transporting goods by sea or other waterways. Whether you're a business shipping goods internationally or a vessel owner, Fastzeal connects you to the right marine insurance policies tailored to safeguard your maritime interests.

What is Marine Insurance?

Marine Insurance is a type of insurance that covers loss or damage of cargo, ships, and related transport during transit over sea, inland waterways, air, or land. It ensures compensation for mishaps such as shipwrecks, piracy, cargo damage, or collision during shipping.

Types of Marine Insurance

1. Marine Cargo Insurance

Protects goods in transit—whether by sea, air, road, or rail.

2. Marine Hull Insurance

Covers the hull and machinery of ships or vessels from damages and operational risks.

3. Freight Insurance

Compensates the shipowner against loss of freight due to cargo damage or loss.

4. Liability Insurance (P&I)

Covers third-party liabilities, including injury, loss of life, or environmental damage caused by the vessel.

5. Voyage Policy

Covers a single shipment or trip from one point to another.

6. Time Policy

Covers a vessel for a specific period (e.g., one year), regardless of the number of trips.

7. Open Policy

Ideal for frequent shippers; provides continuous cover for all transits within a set time.

What are the Benefits of Marine Insurance?

1. Cargo Protection
Covers goods during transit from origin to destination.

2. Vessel Safety
Covers ships and marine vessels against damages, accidents, and loss.

3. Global Shipping Confidence
Boosts exporter/importer confidence for international trade.

4. Customizable Policies
Choose between voyage-based, time-based, or open cover depending on your needs.

5. Financial Security
Avoid huge losses from unpredictable sea risks.

Eligibility Criteria for Marine Insurance

• Importers and Exporters
  
  

• Shipping Companies
  
  

• Fleet Owners or Charterers
  
  

• Manufacturers transporting goods
  
  

• Logistics and Freight Forwarding Companies
  
  

• Individuals shipping high-value items abroad
  
  
  

Documents Required for Marine Insurance

• KYC Documents (Aadhaar, PAN)
  
  

• Invoice of Goods or Vessel Details
  
  

• Shipping Route & Destination
  
  

• Transport Mode Declaration
  
  

• Customs Documentation (for international cargo)
  
  

• Past Claim History (if any)
  
  

• Packing List / Bill of Lading
  
  
  

How to Buy Marine Insurance through Fastzeal

1. Visit Fastzeal Website: Select ‘Marine Insurance’.
   
   

2. Choose Coverage Type: Cargo, Hull, or both.
   
   

3. Submit Shipping/Vessel Info: Including mode, route, and value.
   
   

4. Upload Documents: For faster quote processing.
   
   

5. Compare & Choose: Evaluate best quotes from multiple insurers.
   
   

6. Pay & Download Policy: Get the policy instantly in your inbox.
   
   
   

Key Features of Marine Insurance

• Covers domestic and international transits

• Protection against piracy, natural calamities, fire, collision

• Options for per-voyage or annual coverage

• Policy extensions for inland transit and warehousing

• Claims processed with expert marine assessors

• Fastzeal’s 24x7 support for seamless purchase & claim
  
  
  

Fastzeal Support – Always With You

At Fastzeal, we simplify the complex world of marine insurance. Our dedicated support team helps you:

• Understand your coverage options clearly

• Select the right insurer from top-rated companies

• Get assistance with document uploads and verification

• Track your policy and claims in real-time

• Receive expert guidance on claims, renewals, and custom coverage

Whether you're a first-time shipper or a seasoned logistics professional, Fastzeal ensures smooth sailing throughout your insurance journey.