What is marine insurance?
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.
Some of the common points covered under marine insurance are
- Sinking, strading, fire, explosion
- Loss in loading or unloading cargo
- Total loss coverage
- Covers damage to ship due to any mishap like crash, collision or piracy attacks
- Covers the loss of freight
- Covers life of crew members and other on ship
Types of marine insurance
Hull Insurance
Hull insurance mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture on the ship. This type of marine insurance is mostly taken out by the owner of the ship to avoid any loss to the vessel in case of any mi sharps occurring.
Cargo Insurance
Cargo insurance is an insurance cover foe marine goods, air cargo and post parcels. The purpose of cargo insurance is to protect goods against physical loss or damage, during transit.
Freight Insurance
Freight insurance offers and provider protection to merchant vessels corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship meeting with an accident. This type of marine insurance salves the problem of companies losing money because of a few unprecedented events and accidents occurring.
Marine Liability Insurance
Liability insurance is that type of marine insurance where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.