The trade and commerce industry is always changing, which means that there are risks associated with the transportation of goods. If you are involved in a business that often deals with hull and machinery, then you would want to make sure that you have a viable risk management practice ready so you do not have to deal with possible problems in the future.
Below, we will discuss some of the things you have to remember when looking for the right marine insurance policy. Make sure to take note of all of these so you will not regret your decision.
Ask for the Damages and Losses Covered
The first thing you would want to ask the agent or insurance company is their coverage when it comes to losses and damages. Physical damage coverage means paying for the repairs that took place during the accident. However, there are certain clauses that would not be included in some insurance policies, so make sure to mention that.
Ask the company which are not covered. Most companies will cover accidents that were caused by natural calamities such as storms, rain, lightning, and other man-made disasters such as burglary and theft.
Cash or Agreed Value
You would definitely want to receive cash compensation instead of an agreed value for the accident. It is much easier to get back up if you have cash, but not all marine insurance policies will offer this kind of coverage.
Read the terms and conditions and double-check if the company and insurance policy indeed offers cash instead of agreed value. If you are not in a hurry to get cash from the accident, however, then you can opt for the agreed value since this usually comes at a higher price value and gives wider coverage.
Hiring the Right Company
Buying a marine insurance policy is a huge move, which means that you should find the right company to deal with. These policies come with a huge price tag, so you would want to make sure that you will be able to make the most of it after acquiring one.
Make sure that the company has been in the business for a couple of years before dealing with them. Ask how many clients they have serviced and how many they have today. You can also look for online reviews and testimonials so you can see what their past and current clients are saying about them.
Ask for a Quote
Ask the agent or the company for a quote before getting an insurance. If you have a specific budget, then this one should be the first on your list. You would not want to go over budget when it comes to your policy insurance. You can also save a lot of time if you ask for a quote. If it does not fit your budget, then you can just look for another company that offers affordable yet quality insurance policies.
Always find an agent or insurance company that is willing to assist you with all of your insurance needs. Ask them these questions above and you are all set!