What is Marine Insurance?
Businesses transport their goods between different countries via various modes of transport like air, road, sea etc. These goods can be damaged or destroyed during their journey. In the case of water transport this risk is very high. If the company also owns ships and other vessels for transporting the goods, damage to such vessels also causes huge financial loss. Here is where a Marine insurance Policy proves useful. Marine insurance covers the loss or damage of goods, ships or cargo that is transported between different ports.
Types of Marine Insurance
Cargo Insurance : Provides protection to the cargo or the goods contained in the vessel or ship
Hull Insurance: It covers the insurance of the ship or vessel and its equipments
Freight Insurance: It provides protection to the shipping company when the ship is lost on the way or the cargo is damaged or stolen so that they do not suffer loss of freight.
Liability Insurance: Provides protection against loss which the insured may suffer on account of liability to a third party caused by collision of the ship and other similar accidents.