Page 30 - Insurance Times July 2024

mitigate their exposure to risks by investing in Marine protected against various transportation risks, whether it's
Insurance. This coverage safeguards their assets and damage to goods or the unfortunate loss of livestock.
reinforces their commitment to reliable service.
ICICI Lombard's Marine Insurance
Traders: Traders involved in buying and selling goods stand
to benefit from the protection offered by Marine Insurance. offerings
It shields them from potential losses that could arise during ICICI Lombard has focused its technology capabilities to
transit, ensuring that their profit margins remain intact. simplify and streamline process in order to help the
Custom House Agents: Professionals who facilitate customers and enhance ease of business. We are the
international trade operations by assisting with customs industry first in launching an SME digital website
clearance and documentation can enhance their service sme.icicilombard.com and also the industry pioneer in
offerings by recommending Marine Insurance to their positioning itself as the preferred partner for business
clients. This proactive approach demonstrates a insurance that guides the customer on all relevant
commitment to holistic risk management. information- from choosing the right insurance policy, to
completing the purchase- all digitally.
Benefits of Marine Insurance
ICICI Lombard offer several types of Marine Insurance
The advantages of opting for a Marine Insurance policy are coverage options, each tailored to suit different business
numerous and can significantly impact the operational requirements and preferences. These include:
efficiency and financial security of businesses: 1. Marine Single Transit Insurance: This type of coverage
Global Standard Coverage: When businesses opt for Marine is ideal for businesses that undertake occasional
Insurance, they ensure compliance with internationally shipments. It provides insurance protection for goods
recognized institute cargo clauses and standards, enabling during a single transit, ensuring that any damages or
them to navigate the complexities of global trade with losses incurred are adequately compensated.
confidence.
2. Marine Open Insurance: For businesses involved in
This is particularly relevant in light of the recent geopolitical frequent shipments, Marine Open Insurance offers
tensions in the Red Sea, where attacks on commercial shipping continuous coverage for multiple transit operations
by Yemeni Houthi militants have prompted insurers to revise within a specified time frame. This type of policy
their risk perception and adjust war SRCC (Strikes, Riots & Civil provides convenience and flexibility, allowing businesses
Commotion) risk premiums. While international business, to focus on their operations without the need for
particularly marine insurance, is deemed risk-intensive, with individual policies for each shipment.
cargo and hull adequately covered, such unforeseen events
highlight the importance of staying vigilant and adapting 3. Sales Turnover Policy: A Sales Turnover Policy is
coverage options to address emerging threats. designed to cater to businesses with regular shipping
activities. It provides coverage based on the turnover
Diverse Coverage Options: Renowned insurers offer a of the insured business, ensuring that all shipments are
variety of coverage options tailored to the unique needs of protected under a single comprehensive policy.
businesses. This flexibility allows policyholders to choose the
level of coverage that aligns with their risk tolerance and Marine Insurance is a crucial instrument that underpins the
requirements. smooth functioning of the global supply chain. Its

Instant Online Issuance: The digital era has revolutionized comprehensive coverage options, ease of accessibility, and
insurance processes, making it possible for business owners ability to mitigate financial risks make it an indispensable
to secure Marine Insurance coverage online with immediate tool for businesses and individuals engaged in the
effect. This streamlined process saves time and eliminates transportation of goods.
administrative hassles.
Whether safeguarding against accidents, theft, or natural
Simplified Application Process: Acquiring Marine Insurance disasters, Marine Insurance provides the security and
coverage is a straightforward process that requires basic confidence necessary to navigate the unpredictable waters
information. This ensures that businesses can easily obtain of international trade. As India continues to advance
the necessary protection without unnecessary hurdles. technologically, the availability of online Marine Insurance
Comprehensive Risk Mitigation: With Marine Insurance in plans further empowers businesses to secure their assets
place, business owners can rest assured that their goods are with convenience and efficiency.

The Insurance Times July 2024 27