The cheapest way to transport goods from one place to another is through the ship. This is because the cost of transportation is very low and you can ship the large quantities of goods in this case. The fact is that Seaways are used to transport goods meant for trade and in addition to this, this is where you can also exploit the economies of scale.
There are times when people may end up losing millions because of container loss or other such factors. This loss can be protected if you have a Marine Insurance. Let us look at the points below to understand how this works.
How a Marine Insurance can save you from Losing Millions?
There are different Marine Insurance available for the people who are using seaways to transport the goods. With a minimal premium, the protection is quite huge. Let us look at some of the insurance policies that can be used by you.
Port Risk Policies – As per a source, the maximum risk faced by ships while they are being anchored at the port. The damage can be massive. The Port Risk Policies mitigates this risk for you and provides you coverage when the goods have maximum possibility of being damaged.
Floating Policy – You must note that a marine policy is usually valid for a single journey. This means that you need to buy the policy every time you ship goods. If you regularly ship goods then you must invest in a floating policy as this saves you from the trouble of purchasing the policy over and over again. This policy is valid for a certain period of time.
Value Policy – If you are importing goods from one place to another then you would have surely invested a lot to purchase these goods. Value Policy covers the actual value of the goods that you are transporting. This also includes the profit margin. This means that if your goods are lost or damaged, you still receive the cost price along with expected profits.
These are some of the policies which can help you in saving you from any prospected loss. It is surely better to mitigate the risk that you face during the transportation.