Insurance

Hazards of shipping goods by the sea & how marine insurance can help

Ocean shipping is one of the most cost-effective means to ship out your goods to international borders. If a business acquires large bulks of orders from foreign customers wherein there are no quick delivery protocols, then shipping goods by the sea is the most viable option. However, there are some demerits attached to this practical advantage. Shipping goods via sea or ocean floor depends highly on factors like; weather, human-error, technical issues, and etc.

The hazards of not comprehending such factors might lead to disasters or accidents in the ocean, which further adds monumental loss to both business owners and the environment. This can be easily averted if you plan and get hold of proper marine insurance to combat the risks of shipping. Some of the better-known dangers related to sea shipping and how insurance can help tackle them includes;

  • The occurrence of natural calamities – Perils never comes knocking on doors; they strike on decks without a single warning. Thunderous sea-storms, cyclones or tsunamis can destroy well set stocks and lives of those sailing on carrier ships. We cannot challenge the force of nature but what we can do is opt for Marine insurance online to cover the losses, injuries, or damage caused during such natural disasters.
  • Human Errors – There are certain dangers caused by man that could lead to a disastrous situation. Having untrained ship sailors or workers who load and unload goods with negligence and carelessness might create rooms for few accidents to occur in transit.
    A reliable shield in the form of marine insurance to handle the mismanagement of shipping goods by workers would be a great help in such situations.
  • Geographical Hazards – Apart from natural distress signs, there are other forms of dangers present at sea in the name of geography. Try remembering Titanic, an unsinkable ship that sank nevertheless by hitting a massive iceberg. Big cargo ships going through narrow canals, icebergs, rocky shores or shallow coral reefs can get caught on sides or bottom, hence creating unimagined losses.
    Mitigating such losses by having a rational marine insurance plan is one way, and another way is to have the ship properly tested for such hazards and assign a well trained, professional staff for commandeering the vessel.
  • Technological Issues – Such issues are more or less related to the ship’s structure, engineering equipment, navigational tools, or motor engines. If the boat starts leaking oil in the ocean or one of the propellers is jammed due to long years of service, it could sustain significant damage to the goods on board.
    To avoid such substantial financial losses; having a well-planned marine policy that can cover the ship’s outer and inner structure after a thorough inspection is the right way to go.

Businesses work for profit and if your business requires delivering goods via sea or ocean, then why not keep yourself financially protected with a Marine Insurance cover and keep the profits intact.

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