What is Marine Insurance?
Marine Insurance covers the damages or losses caused to ships, cargo, or terminals through which goods are transferred. This insurance helps lower the aspect of financial loss occurring due to loss of cargo.
How do we do it?
Sanyog’s marine team assists you in risk management and provides cover based on specific marine insurance needs. The team consists of experienced and established practitioners, providing consulting and broking services to ship owners, cargo owners, ship operators, and other maritime businesses.
Need for Marine Insurance
Marine Insurance is needed to cover the risk that arise from marine activities such as transportation through ocean and for the inland transit insurance. It is important to have a marine insurance to avoid the financial losses arising from:
- Cargo theft
- Loss of container at sea
- Natural disasters
- Cargo damages
It is also a contractual requirement to buy a marine insurance to safeguard the cargo.
What can Sanyog do?
We cover all aspects of marine insurance with a special focus on:
- Property – Hull & machinery
- Cargo (including stock)
- Liability (including indemnity & protection)
- Loss of hire and business interruption
- Marine war risks & piracy
Our partnerships with leading international Brokers enables us to offer seamless client experiences. It also gives us the capability to carry out risk assessments on all aspects of your maritime organization.
Our marine risk professionals have in-dept knowledge and experience to deliver a wide range of innovative marine insurance products and services for standard and unusual marine risks.
We have skills in all aspects of the marine industry and its insurance markets globally, with a specialist focus on cargo, hull and machinery, ports, terminals, shipyards, protection & indemnity, and other marine liabilities.
Sanyog’s commercial marine insurance division enables you to manage risk economically and effectively. You can also customize the coverage as per your specific insurance needs.
Sanyog’s marine claims professionals will support you in handling all aspects of claims. We believe in the preparation of claims handling guidelines upfront.
Our services include:
- In-depth analysis of existing insurance concepts (incl. premiums, scope of cover, and program structure).
- Drafting an individual insurance solution with an optimal price/performance ratio using Sanyog’s market knowledge and purchasing power.
- Developing international insurance programs while considering local circumstances and tax implications, and regulatory requirements both within the country and abroad.
- Worldwide access through our tie-ups with leading international Insurance brokers.
- Pro-active and client-focused claims processing.
- Using the information gained from claims processing to complete analysis and evaluations of claims data as a basis for future risk management measures.
- Conducting client-specific training courses on subjects such as marine insurance, marine risk management, international commercial terms, claims processing, etc.
Logistic Risk Management
Sanyog has the capability to help clients with not just Insurance needs, but also to improve overall quality of insurable risk. We help reduce and mitigate risks through our logistic risk management team. The team specializes in the following areas:
- Data Analytics and Report Publishing
- Analyze loss data
- Identify and study patterns
- Study Supply Chain and identify areas of improvement to reduce losses
- Identify transit risks leading to losses and disruption in raw material as well as finished product supplies
- Route Surveys
- Loading and Unloading risk Inspections for key warehouses
- Warehouse – Stock Handling Study
- Packaging study and suggestions to reduce and mitigate losses
- Driver training
- Awareness sessions with Logistics Teams
- Risk Management Seminars/Transporter Seminars