Marine Insurance — a type of insurance intended to provide coverage for the transportation of products either via ocean or by land as well as damage to the waterborne instrument of transmission and to the liability for third parties arising out of the process. 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.
Cargo Insurance Policy
This policy covers loss/damage to cargo / shipments from loss, damage, or theft while in transit, as per Policy terms and conditions. Cargo insurance policies can cover cargo carried by land, or by air and sea.
Marine Hull & Machinery Insurance Policy
This policy covers loss/damage to the ship/vessels insured as per the trading area agreed in the policy. This coverage protects the insured vessel or fleet against physical damage caused by a peril of the sea or other covered perils while the vessel is in transit over water. Although the most commonly insured vessels are those operating in the ocean or the sea, hull and machinery insurance can cover vessels that work in any kind of waterway. For example, tugboats, barges, floating machinery, and even oil rigs which operate in coastal areas.