In the contemporary digital world that is rapidly becoming highly competitive, companies are trying to find better methods of controlling risk and securing assets. There are two important types of insurance Marine Insurance and Machinery insurance, which have a significant role in continuity of business. The introduction of online platforms has made the process of getting these policies easier, quicker and transparent. What is Online Marine Insurance and Machinery Insurance, and why does it matter? Let us look at it.

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The era of digital transformation has witnessed the adoption of speedier and effective methods to safeguard operations by businesses. Two important forms of insurances, Marine insurance and Machinery insurance have now migrated to the online platform, and this has increased flexibility, convenience, and speed in policy administrations and in settling claims as well.

What is Online Marine Insurance?

Marine Insurance allows coverage of the goods, vessels, and cargo which are subject to many risks during the process of transfer – by sea only, air or land only. As an importer/ exporter, freight forwarder or even a logistics company, marine insurance is to protect your financial interest in delivering goods either in an international or a domestic shipping.

Online Marine Insurance provides indemnity of goods, cargo and vessels in transit at seas, air and the land. Conventional purchase of online marine insurance was a lengthy process requiring cut and paste as paperwork was heavily involved. Nonetheless, most of the work has been made easier by marine insurance websites, which enable the users to:

Businesses are able to:

Quote in real-time
Buy or renew policies with little paper work
Make coverage available on a custom basis by route, cargo type or Incoterms
Track claims and get assistance online
Purchase policies that are low in documentation
Design tailor-made coverage according to type and destination of cargo

Marine insurance has become more freely available on modern online platforms. They can be combined with the returns of logistics and give dynamic costing and curtail the bother of paperwork in a manual setup.

Marine insurance online helps you to transport your goods either as a small exporter or a large multinational logistics company by knowing that your goods are being financially secured during the process.

Online Available Types of Marine Insurance:

Cargo Insurance –This pays against physical goods when damaged in transit.

Hull Insurance- insures individual ships or vessels.

Freight Insurance – Insurance protects against loss of freight revenue owing to loss or damage of the cargo.

Liability Insurance: This covers against the third party liabilities, which may occur in connection with the marine activities.

Not only does this convenience of the online purchase accelerate the process of acquisition but also increases the clarity as well as policy administration.

What is the Machinery Insurance?

Machinery Insurance is a cover provided when there is a sudden and unexpected failure of a machinery used in a manufacturing, construction and other industrial processes. This insurance is very essential to companies which use a lot of equipment so that they do not encounter such a situation when the equipment breaks unexpectedly.

Machinery insurance is a kind of cover against unexpected failure of industrial machines and equipment’s. The manufacturing, construction and energy business is characterized by the fact that machinery is a key asset of the business which makes it necessary.

Machinery Insurance will usually include:

Mechanical breakdown
Electrical failure
Operator error
Either explosion or physical damage
Repair or Replacement cost Cost

Nevertheless, whether in a factory where the engineering involved is a production line or a construction site with heavy-duty cranes, machinery insurance ensures that the interruption of the business occasioned by the failure to apply machinery is minimal.

Who is in the Need of Machinery Insurance?

Manufacturing units
Building and engineering firms
Power plants
Processing industries
Repairing and repair workshops

Most insurance companies have also come up with their websites to insure machinery. The information about the machine can be entered, the sum insured can be selected, the add-ons (such as loss of profit cover or spare parts cover) can be selected and the entire process can be fulfilled online.

The advantages of going online.

Marine as well as machinery insurance is becoming common via the digital fronts. The reason why it is better to go online is the following:

Quick and Easy: Cover yourself within a few minutes with little paperwork.

Cost Economy: Low overhead can be translated to good prices.

Personalization: Select your policy according to different requirements and property.

Real-time Access: Quickly monitor your coverage, claims and renewals.

Final Thoughts

Insurance is your lifeline whether you are shipping goods abroad or you have a factory with very expensive machines. Marine Insurance and Machinery Insurance are some of the most convenient insurance to come by when you have the flexibility of the internet. Besides minimising turn around time, such digital tools enable businesses to take informed real time decisions and ensure that their valuable assets are not exposed to unexpected risks.