7 Ways to Spend Less on Your Marine Insurance Policy

Transporting goods via the oceans is a popular and preferred method for moving cargo and therefore a good marine insurance policy is always recommended. However, there exists the possibility of damages to the goods due to numerous reasons like storms and accidents. Opting for a marine shipping insurance save a lot of money on such occasions and takes care of possible damage costs.
  • Shop Around: No two companies offer the same policies for the same price. Every company promotes its products at the highest level, showcasing points of convenience for the customer. However, a careful study of different quotes from various insurance companies helps in getting the right cover for your marine transport. Compare various policies through services such as paybima.com and pick the insurance which suits you best.
  • Combine all policies: Buying insurance from a single provider also reduces cost on the overall marine insurance policy and can avail for discounts. Always choose a comprehensive policy for maximum coverage and managing minor damages without relying on the cover saves your marine shipping insurance policy for bigger losses, if any.
  • Choose your coverage: Just like most insurances, marine shipping insurance is different and requires expert advice to know the difference between various terms like declared value vs. cargo insurance, etc. Get expert advice to ensure a thorough insight about the policy you opt for.
  • Choose Shipment type: Annual shipments have lower costs since the cargo vessel travels throughout the year compared to a single shipment. The communication process also becomes easy since you communicate with a single point of contact, and you can opt for one insurance policy instead of choosing multiple ones.
  • Risk management: Cargo vessels have an array of heavy machinery on board for lifting, transferring goods, etc. Choosing a shipping company that ensures a safe working environment for the men and machines will reduce/ eliminate mishaps for the crew and the vessel. Read reviews and ask questions about the maintenance. A well-maintained cargo ship readily translates into lower damage risk giving you the option to choose a lower premium.
  • Higher Deductibles: Choosing a higher deductible lowers the premium by taking more initial liability than the insurer, thus saving your money. Another way of encouraging savings is by eliminating optional coverages; example: opting for warehouses with insurance, etc.
  • Third party Logistics: Using third party logistics will lower the premium significantly as most of these organizations are insured themselves. Example: freight on board by the warehouse management/ employer for loading cargo reduces your premium value as the complete operation usually has insurance against damages from the third-party company.
Above are a few tips that can help to keep you and your vessel a float in trying conditions with peace of mind, with a marine (transit) insurance policy.

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