Marine insurance

Marine insurance

Insurance in simple word can be said as a helper with benefits. It takes premium every month or as per contract and they help you when you are in need of the money. They insure you to help and claim some amount of money for the thing you have insured for. Insurance company also assembles new policies to make people attracted to their new policies. The marine insurance is not formulated here in Nepal as it is a landlocked country and trades are done by roads or airways. It may be your vehicle, home, health, your labors, while travelling, companies, ships, cargo’s and even your life. When you get into an accident and your vehicle gets damaged insurance company helps you out, your home gets on fire; insurance company helps you. You get sick or some labor in your company or factory gets injured the insurance company helps you out if you have signed contract with the insurance company.

Marine insurance is also known as maritime insurance. Marine insurance are done in the countries where trades are done in marine route. Marine insurance are like life-saver to the traders as they go through huge loss whose loss can’t be paid at ones. Marine insurance covers every risk that a trader has to face. The damage of ship, goods inside it as well as the cargo’s and materials in it.

This insurance is done for the risk of loss or damage of the goods in ships, cargo or any transport of materials. This insurance was first developed insurance in European countries such as Italy and Genoa and was widely spread in northern Europe. Marine insurance means to insure the damage of the goods occurred in ships. As many of the country’s trade runs in marine route there is the possibility of drowning of the ship which causes damage of the materials that has to be exported or is imported. The trader cannot carry big amount of loss so the insurance company claims the amount to insure the damage. Insurance company helps the trader in exchange of premium they pay. The ships that carry passengers are also insured to pay the certain amount for their treatment if anything wrong happens to the ship (drowns). The traders of different country have no other option rather than continuing the export or import but the insurance insures and lowers the risk of their higher risk.