Marine Insurance

Imagine that you are a ship captain in the 1700s, fighting untamed oceans. You have your ship loaded with spices, silks, and far-off treasures on board to amass wealth for you, and you set sail into the open sea. A huge storm is sighted on the horizon, which would destroy all the hard work of weeks within a single night. You would ask how you could possibly save everything on the ship from these elements of nature. Fast forward to today, and the response is clear: marine insurance.

Whether it's electronics, oil, or just ordinary goods, the risks of shipping remain the same. It may take a sudden storm, theft at a port, or an accident on the high seas to result in massive financial losses. Marine insurance  serves as a vital safety net for businesses navigating the unpredictable world of maritime trade. In today’s fast-paced global economy, where goods traverse oceans to connect markets, marine insurance offers essential protection against unforeseen risks. However, what exactly is this? And why is marine insurance policy crucial in this whirlwind globalisation economy?

In this article, we'll take a look at the details of marine insurance, which can give businesses and individuals the possibility of being safeguarded in case of financial doom while out at sea.
 

Marine Insurance Meaning

What is Marine insurance? Marine insurance is a type of insurance that protects against loss or damage that may occur in ships, cargo, terminals, and other ways of transport or cargo through which property is to be transported, attained or held from a place of origin to a destination. It's quite literally a safety net for business owners and all interested parties who may be involved with shipping and transportation.

This insurance generally encompasses coverage for the following:

• Hull: This includes the main body of the vessel or ship, comprising the machinery and other equipment against any damage due to collisions, storms, grounding, or similar other maritime risks.
• Cargo: It covers goods or cargo against risks of theft, loss, or damage during transit. Most marine cargo covers transits by road, rail, air, water, or any connected modes of transport.
• Freight: It compensates for the loss of freight income in case of damage or loss to cargo and the shipping company cannot retrieve freight payment.
• Liability: It caters to the various liabilities arising from damages caused to third parties, such as collision damages.

• Marine insurance extends its coverage beyond vessels and cargo to include onshore and offshore assets such as container terminals, ports, oil platforms, and pipelines.

It is a comprehensive policy that covers goods from the point of origin to the final destination against all potential risks that may be incurred on the way.
 

Features And Benefits Of Marine Insurance

Marine insurance policy comes with its own range of benefits allowing protection over various types of risks. Some of the notable features include:

• Comprehensive Coverage: It provides quite extensive coverage in respect to risks associated with loss or damage to ships, cargo, and onshore/offshore infrastructure. Perils covered within include theft, fire, collision, natural calamities, and accidents during transit, thus ensuring protection of the course for the vessel as well as the goods.
• Financial Security: Marine insurance offers financial protection by compensating for losses arising from covered risks. Such protection is crucial to the interests of enterprises trading internationally as it helps redress the financial shock from unexpected events and thus prevents potential severe financial collapse. It also assists in upholding contractual conditions since many export contracts require marine insurance. Many banks allow marine cargo insurance as a guarantee before advancing loans to those who do export/import business.
• Flexibility: Marine insurance is flexible. People can choose from different coverage options that are best suited to their actual needs. Most marine insurance policies offer flexible premium payment frequencies at the policyholder's discretion to meet their budgets and coverage needs.
   

Why Is Marine Insurance Important?

Marine insurance is important due to various factors. Let’s look at them-

• Risk Mitigation: Marine transport involves many risks, such as theft, damages, natural disasters, and accidents. Marine insurance offers protection against these risks and the losses that a business or individual might experience.
   
• Facilitates International Trade: International trade relies much on marine transport because over 90% of the world's trade is done at sea. Marine insurance supports international business by providing cover for goods in motion, thus giving firms an assurance that cargo is protected throughout the journey.
   
• Legal Compliance: Marine insurance is legally mandated by the law in most cases. With the right insurance coverage, all compliance requirements with international maritime laws and regulations are met, and any potential legal penalties pertaining to business operations are prevented.
   
• Strong Business Relationship: Marine Insurance serves as a tool for building confidence and trust with clients, suppliers, and other stakeholders. It acts as an assurance that covers businesses and individuals involved in maritime activities against monetary loss resulting from unanticipated circumstances, thereby creating an uninterrupted business operation.
   

How Does Marine Cargo Insurance Function?

Marine cargo insurance is a kind of insurance that covers the cargo owners or shippers against risks associated with transporting goods by sea, air, or land. It covers physical loss or damage to the cargo during the journey. Here is how it goes-

• Buy The Policy: The cargo owner or shipper buys a marine cargo insurance policy before shipping the goods. The plan may then be customised depending on the specific risks of the transport, which might range from theft, damage, loss, natural disasters, delay, and so on. The coverage type, duration, and scope can be tailored to coincide with the nature of the cargo and route.
   
• Premium Evaluation: Premiums for a marine cargo insurance policy are determined based on factors such as the value of the cargo transported, the level of associated risk, the mode of transport used, and other considerations. The shipper or cargo owner pays this premium to the insurance company in lieu of coverage.
   
• Initiation Of Coverage: Marine cargo insurance covers shipments in transit. The policy usually covers the shipment from the point of origin to the final destination and thereby includes all intermediate stops or transfers of the shipment from one mode of transport to another.
   
• Claims Process: In case the cargo is lost, damaged, or destroyed during transit due to any of the covered risks, claims may be presented to the insurance company with the necessary documents. The insurer will review the claim, examine the extent of damage and determine if this is within the policy's cover.
   
• Renumeration: Once the claim is approved, the insurance company compensates the individual or business for loss or damage in accordance with the policy terms and the insured value of the goods. It helps the owner of the cargo recover financial losses to avoid business disruption.

Marine cargo insurance gives a safety cushion, ensuring that there are minimum risks concerning cargo loss while in transit. This reassuringly allows businesses to focus on their operations without fear of possible losses incurred during transit.
 

Types Of Marine Insurance Policy

Marine insurance policies will have to cater for different needs, such as the type of cargo, the vessel, and the route. Let’s look at the various types of marine insurance policies -

1.  Open Policy
   This policy is a type of marine insurance that applies to multiple shipments or dispatches over a specified period, typically 12 months, with a sufficiently large sum insured. The cover amount is adjusted for each cargo using the reducing balance method. It is suitable for the trader who has regular shipments and wants to enjoy continuity of coverage under a single policy.
    
2. Specific Policy
   It provides coverage for specific goods during a designated voyage or journey. All cargo details, such as value, the name of the ship or conveyance, and the ports of loading and discharge, are defined with perfectly outlined risks.
    
3. Sales Turn Over Policy (STOP)
   It is specifically designed to cover the sales turnover of a business, covering export, import, domestic sales, stock transfers, and procurement activities of the insured throughout the financial year. Such a policy is normally issued to corporate entities having production units registered under the Companies Act 1956.
    
4. Duty Insurance Policy
   This policy is made to provide coverage of import cargo wherein the landed cost exceeds the CIF value on account of Customs Duty levied. This policy is not based on any agreed value, but the actual basis is considered when settling any claims arising under this section.
    
5. Increased Value Policy
   This policy  is designed to cover the additional market value of cargo that surpasses the CIF (Cost, Insurance, and Freight) value plus customs duty at the time of the goods' arrival in India. Unlike an agreed value policy, the sum insured reflects the difference between the market value and the CIF plus duty on the date of arrival. 
    
6. Marine Delay in Start-up Insurance Policy (Marine DSU)
   This policy relates to projects wherein a Marine Policy is in place to cover the procurement of project materials. This policy, in addition to the physical risk in any particular project, covers the client's contractual and financial risks.
   
   We can further classify insurance plans based on the clauses/extent of coverage and geographical classification, like the Marine Inland Policy.

Please Note: There are various protection plans available for hull, cargo, liability, freight, etc. Currently, most insurers offer various types of insurance products, terms, and conditions. Thus, it is advisable that you shop around, read each policy wording in detail, and consult with an insurance professional so that your needs and requirements are met.
 

Marine Cargo Insurance Eligibility Criteria

There are different types of cargo for which you can procure insurance, from raw materials to finished goods, machinery, and many more. Eligibility often depends on the nature and value of the cargo being shipped. The eligibility may be influenced by factors such as hazardous materials, high-value goods, and others. 

Let’s see how the criteria works-

• The eligibility may vary with the mode of transport. This includes transit by sea, air, or land. Hence, different policies cover different transport modes and the risks associated with them.
• It provides coverage based on the origin and destination of the cargo. Some policies carry restrictions or prohibitions in certain countries or regions.
• The insurers assess the risk involved with the cargo. This may often include the route, duration of transit, and other possible risks.
• To process claims and verify coverage, some documentation may also be required, such as a bill of lading, commercial invoice, packing list, etc.
• The cargo and transport, too, should comply with suitable regulations and standardisation procedures, especially those regarding safety and security.

Important Note: The eligibility criteria for marine insurance can vary among different insurers.
 

Who Requires Marine Insurance?

Marine insurance is of crucial importance to several stakeholders involved in the transport and shipment business. The primary parties that require marine insurance are;

• Cargo Owners: To cover their goods against loss or damage when in transit
• Shipowners and Operators: To cover possible damages to the vessels, equipment, and consequent liabilities.
• Freight Forwarders: To provide security to the cargo that they would handle and transport on behalf of the shippers.
• Logistics Companies: To cover the risks associated with cargo and transport operations.
• Port Authorities: To cover liabilities and damages attributed to the operations and facilities of any port.
• Charterers: To secure their interest once they lease or hire a vessel.
   

Why Should You Buy Marine Insurance?

Marine insurance is important because of various reasons. Here are some of them:

• Risk Protection: The marine insurance policy protects your cargo, vessels, and associated assets by providing financial coverage for potential losses or damages that may occur during transit or operational activities.
• Business Continuity: Insurance helps protect against the financial risk of transport by ensuring that business continuity is maintained in case of an unexpected incident.
• Legal and Contractual Compliance: It usually fulfils the legal or contractual compliance requirements, thereby complying with any regulation or terms stipulated by the stakeholder or regulatory body.
• Peace of Mind: It provides assurance and reduces uncertainty of financial impact, hence giving an international business the possibility of performing with confidence in the management of risks at sea.
   

Marine Insurance Companies In India 2024

Let’s look at insurance companies which provide marine insurance in India-

 

 

Please Note: This is not an exhaustive list, and other reliable marine insurance companies exist in India. Compare multiple options and choose a company that best suits your needs and budget.
 

What Is Covered In Marine Insurance?

Marine Insurance covers a great variety of risks-

• Perils of the Sea: Storms, hurricanes, typhoons, and other natural catastrophes.
• Fire and Explosion: Loss due to an accident resulting from fire or explosion.
• Collision: Damage to or loss of the insured vessel due to collision with another ship, or objects, etc.
• Theft and Piracy: Loss or damage based on actual theft or piracy.
• General Average: General Average is the principle of maritime law according to which all parties involved in a sea voyage - ship owners and owners of cargo, and others - share the loss resulting from voluntary sacrifices or expenses incurred to save the vessel and its cargo during an emergency.
• Salvage: This is a repayment awarded to individuals or businesses to recover a ship or cargo that has been retrieved from danger at sea. It involves retrieving such property and normally is provided to the operators who help salvage the maritime property.
• Jettison: This is the deliberate act of throwing away the cargo to save the ship.

Note: The above are general inclusions; however, specific policies may vary. Therefore, one must carefully observe the terms and conditions of their marine insurance policy to understand what exactly is covered under that particular policy.
 

What Is Not Covered In Marine Insurance?

Here’s what is not included under marine insurance-

• Ordinary wear and tear of the vessel or cargo
• Delays during transportation, unless explicitly stated in the policy
• Losses resulting from willful misconduct
• Ordinary and natural losses
• Damage caused by poor packing
• Deterioration or destruction due to inherent vice (natural characteristics of the item)
• Losses arising from the insolvency of the shipowner
• Damages resulting from nuclear events

Note: The exclusions may differ depending on the insurer and the product secured. Risks not clearly defined or covered by the marine insurance policy will be excluded from coverage. It is, therefore, very important to read the terms and conditions of the policy so that one understands the scope of coverage and excluded risks. For comprehensive protection and an understanding of specific risks, seek help from an insurance professional.
 

Legal Requirements For Marine Insurance

Let’s look at the legal requirements to opt for marine insurance-

• Marine insurance policies are covered under the Marine Insurance Act 1963, which clearly lists and elaborates on terms, rights, and obligations. Additionally, IRDAI rules further regulate them to ensure proper and well-established registration of an insurer as well as working within a very specific range of guidelines.
• The applicant has to have an insurable interest in the cargo to be covered.
• The vehicle or the vessel must have up-to-date documentation and be registered.
• The vessel or vehicle must fulfil all the safety requirements provided by the authorities, and it should be well-equipped with all the necessary safety appliances.
• The policyholder must provide complete and accurate disclosure of all material facts related to the insured property to ensure the validity of the coverage. 
• Marine insurance policies must follow the Foreign Trade Policy besides all other obligations for regulating imports and exports of goods.
   

Factors That Determine The Premium Of The Marine Insurance

Here are the various aspects of determining premiums for marine insurance:

• Type of Cargo: The nature and value of the cargo to be covered, as well as high-value or hazardous cargo, usually come with a relatively higher premium.
• Type of Vessel: The size, nature, and type of vessel affect the risk level and, hence, the premium.
• Mode of Transport: The mode of transport: air, land, or other connected modes of transport influences the premium.
• Route and Destination: The geographical route and destination have huge influences on the risk level and thus could mean a higher premium along routes that follow high-risk areas.
• Voyage Duration: Longer voyage durations attract more premiums, as they are likely to carry more risks.
• Insurance Coverage: The extent of coverage and the sum insured can affect the premium; broader coverage for commercial purposes or a higher sum insured may result in a higher premium.
• Risk Factors: This primarily depends on past loss experience, local weather conditions, and the general risk profile for the voyage, which will determine the premium.
• Safety Measures: The degree of safety and security measures deployed across the vessel and for the cargo can be a factor that is likely to influence the premium. Better measures result in a decrease in the premium.

It should be noted that general factors are discussed here, but the actual premiums are highly variable depending on the special circumstances of an individual shipment.
 

Marine Insurance Premium Calculation

The premiums you pay for your marine insurance policy depend on cargo value, type of goods transported, mode of transport as per the sea, air, or land system, route or voyage, and the level of risk associated with the journey. The insurer evaluates these factors and calculates the premium by applying a rate, usually represented as a percentage of the insured value.

There are several online calculators with which you can estimate your marine insurance premium. These, however, will not be more than an estimate, as the actual premium may vary depending on the case-specific scenarios of your shipment and the insurance company's underwriting criteria.

The following inputs are needed in the online calculator of marine insurance premiums:

• Commodity Type: It specifies the commodities that you are shipping, such as machinery, automobile spare parts, etc.
• Type of Voyage: Select the type of voyage, either as imports, exports, or domestic.
• Value in Rupees: Fill in the total value of the goods in rupees.
• Mode of Transport: From the dropdown list, select the mode of transport.

Using all these inputs, the insurance calculator computes the estimated premium for the coverage. However, it is advisable to seek advice from a qualified and experienced insurance professional or expert to get the right premium quote and have the best coverage for your needs.
 

Principles Of Marine Insurance

Let’s have a glimpse of the various principles of marine insurance policy-

1. Insurable Interest
   According to this principle, the insured must have some insurable interest in the subject matter of the insurance. There must be a legal or financial interest with regard to property being insured by the insured. To say this another way, in marine insurance, there must be a financial loss that the policyholder suffers when his cargo gets damaged or is lost. The principle ensures that only interested parties in the property can purchase insurance, thereby reducing the risk of moral hazard and fraud.
    
2. Indemnity
   According to the principle of indemnity, the insurer will compensate the insured for the actual loss suffered, up to the policy's coverage limit. In a nutshell, it restores the insured to his or her original financial position prior to the loss without allowing any gain through the resultant insurance payout. This principle of indemnity discourages fraudulent claims while making sure that compensation is fair in scale to the loss.
    
3. Utmost Good Faith
   This is one of the most basic principles in insurance. Under this principle, the insurer as well as the insured must act in good faith toward each other and therefore must also furnish true and correct information. The policy, terms and conditions, exclusions, etc., must be provided with correct information by the insurer. It is upon the policyholder to ensure full and honest disclosure regarding the cargo, vessel, and voyage to be insured. Claims may be denied or the policy will be voided if pertinent information is not disclosed.
    
4. Contribution
   The principle of contribution shall apply where multiple policies provide coverage against the same risk. When multiple policies cover the same property and several insurers are responsible for a claim, they will share the loss based on the amount each insurer covers. In this way, one shall not pay more than the actual loss incurred, and the cost of loss shall be spread among the insurers.
    
5. Subrogation
   Subrogation enables the insurer to recover the amount paid to the insured from a third party responsible for the loss. Following compensation of the claimant, the insurer is entitled to seek recovery against any party responsible for the loss. This is for the purpose of not gaining profits by claiming double compensations nor to allow liability to be assigned improperly.
    
6. Proximity Cause
   Proximate cause is defined as the nearest or most direct cause of a loss. In marine insurance, there is the coverage of direct loss resulting from the distinct maritime risks outlined in the policy. This means that there has to be a cause of loss falling within the types of risks that may arise (such as storms, piracy, or shipwreck) that the insurance policy covers. Essentially, only losses resulting from those covered perils are actually compensated under the policy.
    

Marine Insurance Act , 1963

The Marine Insurance Act of 1963 is an act that regulates Indian contracts in marine insurance. It defines marine insurance and states what its scope of cover is; it covers goods, vessels, as well as other forms of maritime risks. The Act codifies basic principles, including utmost good faith, insurable interest, indemnity, and subrogation, guiding the terms and implementation of marine insurance contracts.

It clearly determines the rights and liabilities of the insurers as well as the insured parties, underlining the duty to disclose material facts and stating the conditions for submitting claims. Various kinds of marine insurance are covered under this act which includes dealing with hull, cargo, freight insurance, etc., and describes the particulars of each.

This law clearly outlines the process in regard to claims handling, like dispute settlement and determination of liability. Therefore, the Marine Insurance Act, 1963, lays down a strong legal framework for ensuring that all marine insurance dealings in India are made clearly and justly.
 

What Does The Institute Cargo Clauses (ICC) Cover?

The Institute Cargo Clauses are the standard terms in marine cargo insurance that define the range of coverage provided. This gives an account of the risks covered and the conditions under which claims are payable. The definition of the framework for determining the coverage provided for the various levels of insurance.

Let’s look at the various clauses:

• Institute Cargo Clauses (A): This provides the widest form of coverage with loss or damage to cargo by almost all risks except those specifically excluded. Usually excludes loss or damage resulting from inherent vice, war, strike, and other forms of damage such as wears and tears. It provides wide-ranging protection against a myriad of perils.
• Institute Cargo Clauses (B): It provides fewer covers than Clause (A). Loss or damage is covered under specific perils such as explosion, fire, or collision with a list of covered risks. Not included risks in the list are loss of inherent defects and other types of loss due to delay or inadequate packing, etc. The coverage and premium are balanced.
• Institute Cargo Clauses (C): This one offers the least amount of coverage. It covers only a very limited set of maritime perils, such as fire, explosion, or vessel collision, and excludes many risks covered under Clauses (A) and (B). The coverage is usually for the least value and is appropriate for relatively low-value cargo. In some cases, it has exclusions similar to Clause (B), with additional coverage limitations.

Institute Cargo Clauses for Air Cargo, commonly referred to as ICC Air, is a set of clauses providing a framework under which goods transported by air are covered. It contains the coverage, exclusions, and conditions of air cargo insurance except for sendings by post.

Important Note: The specific coverage provided may depend on the policy wording itself and any other clauses or endorsements attached.
 

Claim Process For Marine Insurance Policy

When a marine cargo shipment arrives, conduct a thorough inspection of the goods and container to identify any damage or missing items. Notify all concerned carriers, port authorities, and bailees of the discrepancies found. If a claim is to be filed, ensure the experience with the rules and regulations in port for handling such issues.

The procedure for making a claim under a marine insurance policy ordinarily progresses along the following lines:

• Immediate Intimation: Any loss or damage to the cargo or to the vessel should be notified to the insurer as soon as possible. Such intimation is of extreme importance for initiating the process of filing claims.
   
• Survey and Documentation: Usually, the insurer will send a surveyor to assess the loss or damage incurred. Provide all the documents related to the insurance policy, including shipping documents, invoices, packing lists, survey reports, etc.
   
• Presentation of Claim: The insurer will need all the relevant papers and documents, such as the surveyor's report and claim form, along with other documents, such as proof of loss, bills of lading, and correspondence regarding the incident.
   
• Evaluation of Claim: The insurer, after assessing the claim, examines the entire submitted paperwork and evaluates the extent of loss or damage that has occurred. Additional information or clarification may be sought if needed.
   
• Settling the Claim: Once the claim is approved, the insurer will process the payment to settle it according to the terms outlined in the policy. In most cases, the settlement amount will be paid to the party with an insurable interest and/or policyholder.
   
• Final Documentation: After settling the claim, make sure all the original and duplicate documentation needed is completed and filed. Keep records of all the processes for future references.

The information posted here is general guidance on the process of marine insurance claims. Terms, conditions, and procedures vary depending on the insurer and type of policy. So, make sure to carefully review your insurance policy and consult with your insurance provider to understand the claim process and requirements for your coverage. Any claim decision from the insurer would be stated in the terms and conditions of the policy, along with exclusions.
 

Documents Required To Raise Claim Under Marine Insurance

Typically, the following documents are usually required to make a claim under marine insurance:

• Insurance Policy/Certificate: A copy of the marine insurance policy or certificate should be presented.
• Claim Form: A claim form issued by the insurance company.
• Bill Of Lading: A document is given by a carrier to record the receipt of cargo for shipment.
• Commercial Invoice: It is a list of goods being transported along with their value.
• Packing List: An invoice that specifies the contents, packaging, and condition of the goods.
• Survey Report: The official report of the extent to which damage or loss has occurred. It is normally carried out by a marine surveyor.
• Delivery Receipt: The receipt issued upon delivery of the cargo. This piece of paper states the condition of the cargo.
• Correspondence With Carriers: Any communication with the carriers, port authorities, or the other parties concerned about the damages or losses.
• Additional Documents: Depending upon the contents of a given claim, there could be some additional supporting documents which may be required for the purpose, such as a monthly declaration of transits, a consignment note of a carrier or a damage/non-delivery certificate, etc.

Important Note: The types of documents required can vary depending on the type of loss or damage and what the insurance company needs. It is a good idea, always, to clarify with your insurance company specifically what is required in terms of documentation.
 

Why Should You Buy Marine Insurance From SMC Insurance?

Purchasing insurance is hassle-free when you have the right partner by your side. At SMC, we make finding the perfect policy for your needs simple and stress-free. Here’s why we stand out:

• Always on Your Side: We work for you, not for the insurance companies. We make recommendations based on what suits you best.
• Zero Unwanted Calls: We respect your privacy and will only contact you when you would like us to. No spam, no hassle.
• Comprehensive Claim Support: Insurance is only a promise until a claim is made. We are here to guarantee that you will be supported and fully assisted through every step of the claims process at the time you need it
   

Initial Requirements While Buying Marine Insurance From SMC Insurance

Follow the steps below-

• Visit Their website: Head over to the SMC Insurance website.
• Marine Insurance: Look for marine insurance. It's usually under their products or services menu.
• Plan Selection: See all of the travel insurance plans available. Try to find out what features, coverage limits, and exclusions each entails to pick the one that you need best.
• Quote: Submit all needed information to get a quote for your requirements.
• Fill Your Information: Enter all personal details, including names, contact addresses, telephone numbers, and email addresses.
• Terms and Conditions: Read the policy carefully, including the terms and conditions that may include the type of coverage and what is excluded.
• Procure: Click on the apply button and buy the policy.
• Customer Support: Seek any advice or clarification by contacting the customer support desk of SMC Insurance.
   

Factors To Consider When Choosing Marine Insurance

There are various aspects you should keep in mind while choosing marine insurance. Let’s have a glance at them-

• Scope of Coverage: The scope of coverage should include all and any possible risks relevant to your cargo and voyage, including sea, air, and land transit.
• Claim Settlement: Look for insurers with a good reputation to ensure that your claims get promptly and fairly settled when the need arises.
• Policy Flexibility: One should always search for policies that offer alternatives to make them suitable for your business operations and needs.
• Premium Cost: Seek out cost-effective plans that are high-quality and fair in terms of premium rates paid for the type and level of coverage.
• Exclusions: Read carefully into the exclusions listed in the policy in order to find out what's not covered. This will prevent you from being surprised when you file your claim.
   

Winding It Up!

Marine insurance is not just an add-on but a necessity to manage the risks associated with global trade. It covers a wide range of broad risks against many types of perils and allows business people to focus on growth and success even when the seas turn rough.

Whether shipping goods across the globe or securing your fleet, marine insurance represents the first line of defence. And with the dependable platform of SMC, you're not merely trying to buy insurance; you are guaranteeing peace of mind, knowing that your assets are fully covered against any tide or tough voyage.
 

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