Marine Insurance
What is Marine Insurance?
Marine insurance is a type of insurance designed to cover the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. It provides a financial safety net for businesses and individuals involved in maritime trade or shipping, ensuring that unforeseen events don’t result in crippling financial losses.
Types of Marine Insurance
Hull Insurance
Covers damage to the ship or vessel itself, including the engine and other mechanical parts.
Cargo Insurance
Provides protection for goods and merchandise being transported, covering loss or damage.
Freight Insurance
Ensures that freight charges are covered if the cargo is lost or damaged during transit.
Liability Insurance
Protects against liabilities that arise from collisions, injuries, or damage to third-party property.
