Marine Insurance
Marine insurance is a type of insurance that provides coverage for ships, cargo, terminals, and any transport or cargo-related property or liability exposures. It’s designed to protect against the risks associated with marine transportation, such as loss or damage to goods during transit, accidents at sea, or other maritime perils.
There are various types of marine insurance policies tailored to different needs:
- Hull Insurance: This covers damage to the ship itself, including its machinery and equipment.
- Cargo Insurance: This protects the goods being transported against damage or loss while in transit by sea, air, or land.
- Freight Insurance: Covers the loss of freight revenue if cargo is lost or damaged.
- Liability Insurance: Provides protection against claims for bodily injury or property damage caused by the insured vessel.
- Protection and Indemnity (P&I) Insurance: Covers liabilities that may arise from operating vessels, such as pollution, collision damage, or injury to crew or passengers.
Marine insurance plays a crucial role in global trade by providing financial protection to parties involved in the transportation of goods across the seas. It helps mitigate the risks inherent in maritime activities and ensures that businesses can operate with confidence even in uncertain conditions.