Any travel or voyage on the sea or other navigable waters, including the transfer of goods, people, or any other items, is referred to as a marine adventure. The Marine Insurance Policy in Pakistan covers a range of hazards, including loss or damage to the ship, cargo, freight, and other maritime-related risks such as piracy, hijacking, and war perils.
The majority of marine-related firms, including shipowners, cargo owners, and freight forwarders, are required to have marine insurance policies in Pakistan, which are provided by both state-run and privately held insurance organizations.
The premium for the insurance is determined by the value of the covered item, the length of the journey, and the degree of risk involved. The policy can be acquired on a per-voyage or annual basis.
Categories of marine insurance
Hull and machinery insurance and cargo insurance are the two primary categories of marine insurance policies in Pakistan.
The ship’s hull and machinery are covered by insurance in the event of loss or damage. A variety of dangers, including collisions, grounding, fire, and explosions, are covered by this kind of insurance. The cost of replacing broken parts and making repairs is also covered by the policy.
Cargo insurance, on the other hand, offers coverage for loss or damage to the cargo being carried. Theft, damage sustained while loading and unloading, damage from accidents, and damage resulting from natural catastrophes are all hazards covered by this kind of insurance.
Provides supplementary coverage
In addition to hull and machinery insurance and cargo insurance, maritime insurance plans in Pakistan can also contain supplementary coverage such as war and terrorist risk, loss of hire, and freight demurrage and defense (FD&D) insurance. Losses brought on by acts of war, terrorism, and piracy are covered by war and terrorist risk insurance.
This kind of insurance is especially crucial in areas with high levels of risk, like the Gulf of Aden. While a ship is out of service for maintenance or other reasons, loss of hire insurance covers the loss of income. Because it can lessen the financial effects of unplanned downtime, this kind of insurance is crucial for shipowners and operators.
Insurance for freight demurrage and defense (FD&D) covers legal fees and other costs linked to disputes over the transportation of goods, including disagreements over freight rates or damage claims. The Marine Insurance Act governs the coverage, which is provided by both state-owned and commercial insurance providers.
Hull and machinery insurance, cargo insurance, war, and terrorist risk insurance, loss of hire insurance, and freight demurrage and defense (FD&D) insurance are just a few of the several maritime insurance products that are offered.
Health insurance in Pakistan
A form of insurance coverage known as “health insurance” in Pakistan offers financial security against the price of medical care and related expenditures. Although the Pakistani health insurance market is still young, it is expanding quickly and is gaining popularity among individuals and families looking to control the country’s soaring healthcare expenses.
Many individuals in Pakistan are still unfamiliar with the idea of Health Insurance, and there is a general lack of knowledge regarding its advantages and significance. Nonetheless, efforts are being made by the government and commercial insurance providers to promote health insurance and improve the general public’s access to it.
Health insurance plans in Pakistan provide coverage for a variety of medical expenditures, including those related to hospitalization, diagnostic testing, surgery, and prescription medications. If an insured person chooses individual or family coverage, as well as their age and general health, will affect the policy’s coverage and price.
In Pakistan, indemnity and critical illness policies are the two basic categories of medical insurance. Critical illness insurance offers coverage for a particular illness or medical condition, such as cancer, heart disease, or stroke, whereas indemnity policies cover hospitalization and medical expenditures up to a certain maximum.
In Pakistan, health insurance coverage may also include extra advantages like cashless hospitalization, which relieves the insured of the upfront cost of medical care and related fees. Instead, on behalf of the covered person, the insurance company pays the hospital or healthcare provider directly.
Moreover, maternity costs, outpatient treatment, and pre-existing medical disorders may all be covered by health insurance policies. Yet, the availability of these advantages may be restricted or constrained.