Procedure For Insuring Under Marine Cargo Insurance


Insurance for marine trade is like the calm after a storm, where the goods and ships can be insured to compensate any losses incurred during the movement and transportation of the cargo.

The procedure of insuring under the marine cargo insurance may seem tedious but it is simple documentation once a deeper understanding of the procedure is established.


1)    Submission of the form

The name of the insured is to be mentioned on the form. A detailed description of the cargo is essential as the risk of damage differs from product to product. Perishables and non-perishables, liquid, crockery and electronic goods will be hampered by different factors. The method of packing, the material used to pack the goods, mode of transportation for inland as well as ocean transit must be mentioned in detail. The risk coverage requirement must be clear and simple to avoid confusion and misinterpretation in the future.


2)    Quotation by the underwriter

Based on the clarity of information provided by the businessman who wants to be insured, a quotation by the insurance company is drafted. A premium rate is quoted on the basis of the nature of the cargo, the method of packing, the ship or vessel and the type of insurance policy requested.


3)    Payment of the premium

Once the quotation is acceptable to both parties, that is the insured and the underwriter, the premium amount is paid by the insured. As each policy is tailored to suit the insured providing maximum coverage, the payment will be influenced by details mentioned in the form.


4)    Issue of documents

When a regular policy is not yet issued due to lack of clarity in information about the cargo or shipment, a cover note acts as a temporary document to ensure that the insured may be able to carry on his trade.


Evidence of a contract in marine insurance is a marine policy which contains details regarding the insured, the risk coverage and the goods.


In some cases, a lump sum amount is paid as premium for multiple voyages that take place on a specific geographical path. This is called a floating policy or an open policy. The value of each consignment is deducted from the lump sum amount. It can be paid for up to a year.


An open cover is a document similar to an open policy but this document has no legal validation like the open policy. It can be canceled by either party. This is an unstamped document.

The open policy and open cover facilitate features like limit per bottom, limit per conveyance, basis of valuation, location clause, rates, terms, declaration, and cancellation clause.

Documentation for Marine cargo insurance is vital for the long run of large-scale international businesses.

What Are Work Passes And Permits

Application for a foreign workers medical insurance can be made by the employer for the non-residential employee who also needs a work pass and permit to prove that he is working in that country by the approval of the government. The work permit for the semi-skilled labor working in the service sector, marine, construction, process sector or manufacturing sector allows them to work without any problems. The employer must apply for the permit of his employee. An appointed employment agency can also apply. These passes are exclusively for the foreign employee and cannot be used for his family members.


Work passes and permits are usable up to 2 years or valid till the worker’s passport or employment period ends. After which, renewal is mandatory.


As a foreign worker, documentation must be up-to-date. The employers of these workers do not have to make a monthly payment towards Central Provident Fund (CPT) Contributions. Instead, they pay a monthly levy. This levy is to keep a check on the number on foreign workers in Singapore. When the work permit expires, the monthly levy need not be paid. There is no salary qualification to apply for the work permit. It is mandatory for all. Since the forms and payment procedures can be done online, it is time saving and simple.


The only aspect to be cautious about is to fill in the right form which is specific to your job description. Each permit and pass is made to cater to a particular job profile. Managers, executives, foreign entrepreneurs, nannies from Malaysia and training programs for foreign students, all require a pass as per their job.


The Ministry of Manpower is the ministry that lays down the terms for receiving a permit and pass. All queries and issues can be raised at the Ministry of Manpower. Even in the case of a foreign worker medical insurance claim, if there is any objective it can be raised in the Ministry of Manpower. Application, renewal, appeal and cancellation of work permit are all available online. Reducing manpower for such jobs and relying on technology not only speeds the process for the government but is also an eco-friendly approach.


These work passes and permits are well-designed to cater to the protection of the well-being of the foreign worker through the formulation of Employment of Foreign Manpower Act (EFMA). Those employees who are covered by this Act are to receive a salary, annual leave, public holidays and sick leave.


If the employer fails to provide a work permit for his foreign employee or if he tries malpractices, a heavy penalty would be levied and he may have to face imprisonment too.

Why public liability insurance is so important

Although public liability insurance is not a legal requirement for many businesses, your client may not start a venture with you unless you have a public liability insurance cover.  As a matter of fact, your client’s contract with you may specify that you need to have coverage for the possible damages to the client during the contract period.  Having the cover also establishes your credibility among your clients and they would carry out business with you without worrying about the damages and legal issues that they may need to initiate against you in such events.


Public liability insurance Singapore is something you should have if your business requires you to interact with members of the public, because if you accidentally damage someone’s property while carrying out your business or a visitor injures himself or herself within your office premise, you will have to pay a hefty fine, which may include legal costs as well.  These costs can run into thousands or more, and if you are running a small business then these additional financial liabilities can put an end to your business.  However, if you have the cover, all the expenses will be taken care of by your insurer.


Irrespective of the nature of injury or damage, someone can always file a compensation claim against you.  The accident could be very simple in nature, like you or one of your employees spilling coffee on your client’s system, or it could be a serious one that could severely hamper your business and reputation.  However, this can be avoided if the claims are settled in an amicable manner, and public liability insurance deals with all such claims, whether the incident is small or serious in nature.


The consequences of such incidents and the resulting financial costs can jeopardize your personal and financial growth if you try to defend the compensation claims without insurance.  Public liability insurance also protects your employees, for example an injury caused to a visitor or a client because of your employee would also be covered, and the negligence on the part of the employee will not hamper your business either.


Public liability insurance helps you grow your business, which can otherwise be hindered by these unnecessary financial burdens due to liability claims, especially if your business involves a lot of public interaction.  Hence, to avoid uncertain expenses and carry out your business without any hassle, it is advisable to buy public liability insurance and get yourself covered against public claims.

The 101 On Transit Insurance

Everyone needs to be insured for a life cover, health cover or an accident cover in case of an eventuality. The main breadwinner should make it a point to have life insurance coverage so that the family does not suffer when s/he dies. In the case of health or accident insurance, it is a case of being smart because without this basic insurance, one will have to pay large medical bills. Ditto with marine insurance; if you own a ship, the vessel needs insurance. A person using the services of a freight forwarder in transportation of goods also needs to make sure that the goods during the journey have adequate cover.

In the export-import trade, transporting shipments from one location to the next is a done deal. After declaring the contents of the cargo, the bill of lading is provided to the exporter/importer. This covers various aspects like the amount, the duration of the voyage, insurance, and the generalities. Nevertheless, it is wise to have an additional insurance coverage in the event of an accident, fire and flood, vandalism, natural disaster, or anything else that may occur. The coverage begins once the items are booked with the cargo carrier and it ends once the cargo reaches the destination as detailed in the bill of lading.

The website throws open plethora of information about the various insurance covers available. Marine insurance is also offered and if you are new to the concept, call in the professionals and get the 101 on the varieties available. A transit policy is defined as an annual cover in total, ideal for hull insurance as well as the exporter. Premium is calculated based on the value of the goods being shipped. The risk coverage is factored in, which is convenient to keep the cargo covered. 

When you opt for transit insurance, you can rest easy knowing that the goods exported are safe from damage or even loss. It is a stressful job trying to ship high value products from one location to the next. To find an insurance plan that suits you, a good service provider will offer you the best plan. Before going ahead, read the fine print carefully. Otherwise, your cargo may not have the adequate coverage that you expect. Conditions may apply, so get the policy right so that your most precious cargo is well taken care of during the journey.

Welcome to Silks Gallery

 Silks Gallery is an international art Gallery based in Limassol, Cyprus established in 2007. We are a fashionable boutique gallery situated in the new alley complex by the sea at the heart of the city’s tourist centre with good proximity to the trendy areas of Limassol. We are proud to be one of the most stylish galleries in town with the highest standard of art promotion in Cyprus. We specialize in showcasing works of most popular and renowned international artists as well as promoting up and coming talents from around the world.

The online version of the gallery is there to act as an online art platform where artists can launch their careers from or continue to build on their already established reputation. Artists are offered a great opportunity to showcase and sell their works to a worldwide audience, participate in various visual arts competitions and gain exposure with art collectors and art brokers.

For the list of exhibition go to ‘EXHIBITION & EVENTS’

For a list of competitions go to ‘COMPETITIONS & CASH PRIZES’

We can also do a full portfolio review to have your work considered for inclusion in an exhibition. For more information on how to get your portfolio reviewed and exhibit please don’t hesitate to contact us at:

For art collectors and connoisseurs we cater fully to their needs with our extensive artist portfolios to choose from. All our artists are professionals and can also be commissioned for a custom made art work to fit your interior or to give as a gift for that someone special.