MARINE AND FIRE INSURANCE DURING WAR SITUATIONS: WHAT SHOULD IMPORTERS AND EXPORTERS DO?

Marine and Fire Insurance During War Situations: What Should Importers and Exporters Do?

Marine and Fire Insurance During War Situations: What Should Importers and Exporters Do?

Blog Article




Navigating War Risks: The Role of Marine and Fire Insurance for Importers & Exporters


War can bring uncertainty and disruption to global trade routes and supply chains. For importers, exporters, and logistics companies, this risk can turn catastrophic without the right insurance cover. That’s where Marine and Fire Insurance becomes not just helpful—but essential.


How Marine Insurance Helps During War


Marine Insurance provides protection against loss or damage to cargo while in transit—by sea, air, or land. But in times of war or geopolitical unrest, standard policies may not cover war-related risks unless specifically endorsed.


What to do:


Check your policy wording. Ensure you have a War Risk Extension or similar rider.


Evaluate high-risk zones. Routes near conflict areas may require special terms or additional premiums.


Insure the full journey. Many losses occur during loading/unloading or in storage between transits.



Why Fire Insurance Becomes Crucial


Warehouses, factories, and godowns are particularly vulnerable during war-like situations due to heightened risk of fire, arson, riots, and sabotage.


Action steps:


Upgrade to a comprehensive Fire & Special Perils Policy.


Make sure it includes SRCC cover (Strike, Riot, Civil Commotion).


Regularly update the asset value and inform your insurer about any location changes.



Practical Tips for Businesses During War Situations


1. Reassess Your Risk Exposure: Reroute shipments and avoid volatile regions.



2. Strengthen Documentation: Maintain detailed invoices, inventory, and shipping records.



3. Consult an Expert: Insurance terms can be complex. One missed clause can lead to claim rejection.





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Don’t Leave Your Business Exposed—Get Expert Help Today!


At Impex Insurance, we specialize in tailored solutions for the import-export industry. Whether it’s Marine Cargo Insurance or Fire Insurance with War Risk Extensions, we ensure your assets are protected—even in the most uncertain times.


Contact:

Punit Khatri

Mobile: +91 7405855771











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