Marine or cargo Insurance is the best practice to save a huge amount of loads and your ship. An increase in the import and export of cargo leads to an increase in the profit of these insurance companies. How do these insurance companies work and what are their tactics in their policy? we will learn in this course.
Historically, trade via sea routes was the most preferred mode of transport. But since goods were transported in “open vessels” and could get damaged during transit due to natural disasters like rain, the impact of other objects, atmospheric conditions, etc., goods owners insured their goods against damage or loss, and in the modern era, the same practice is known as Marine Insurance. Marine insurance covers goods from the point of origin to the point of destination by transferring the risk from an insurable interest holder (insured) to the insurer.
The market for marine insurance is rising significantly by the day market in India. Based on the report released by the Insurance Information Bureau of India, it has been found that the total turnover of the marine insurance industry in India is about 9500 crores. 5% only constitutes of Marine Insurance Market i.e. roughly around Rs 300 Crore per annum which is itself a sign of the huge potential for the Marine Insurance Market in India. The Indian Pilotage Act 2013 has given a big push to the market with extensive reforms and opening up of new vistas for growth and development. While India is already a part of the global supply chain for cargo transportation, the expansion and development of its ports may lead to an increase in both the amount and variety of goods transported. This would further accentuate the requirements for marine insurance in India. The sea and the oceans have always been channels of immense trade.
Foreign trade, involving a considerable amount of money, was carried out through sea routes even centuries ago. Maritime trade forms one of the most important aspects of India's foreign trade. The growing market size of the marine insurance industry in India is owing to the increasing number of exporters who are adding foreign destinations to their lists. This factor, along with the attractive outlook for the Indian marine sector is driving new business for insurers in the Indian marine insurance business.
This course is an ideal choice for you if you are looking to start your career in the Marine Insurance industry and want to become successful in this field. In this course, we will teach the students each and every aspect of Marine Insurance. When you complete this course, you will be able to explain the marine insurance industry including claims and liabilities. Also, understand the various types of marine insurance like car-ferry insurance and salvage. You will be aware of the various sections of International conventions and their effect on marine insurance. By the end of the completion of this course, the student will be acquiring a comprehensive knowledge of the marine insurance industry as well as a secure career and better opportunities in the same field.
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