Marine insurance is a policy that covers the loss or damage of ships, cargo, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination.
Types of Marine Policies
- Cargo Insurance
- Marine Vessel Insurance: Boat, Catamaran,Yacht, Vessel, etc.
- Marine Transit Insurance
Scope of cover:
- Marine Cargo Insurance:- Loss or Damage of cargoes from the port of departure to the port of destination.
- Marine Vessel Insurance:- Loss or Damage to marine boats plus engines and vessels (Hulls) & Liabilities, machineries (Engines) against sea perils.
- Marine or Air Transit Insurance:- Loss or Damage of cargoes from the port of departure to the port of destination by vessel or plane
- Marine Cargo:- loss or damage or expense arising from insolvency or financial default of the owners managers charterers
or operators of the vessel
- Marine Vessel Insurance:- the cargo or other property on, or the engagements of, the insured Vessel
loss of life, personal injury or illness
- Marine Transit:- ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured