Marine

Marine

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 is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, Hull, Marine Casualty and Marine Liability.

Of the four modes of transport – road, rail, air and water – it is the latter most which causes a lot of worry to the transporters not only because there are natural occurrences which have the potential to harm the cargo and the vessel but also other incidents and attributes which could cause a huge loss in the financial casket of the transporter and the shipping corporation.

Different types of Marine Policies Issued by Insurance Companies are:

  • Voyage Insurance
  • Time Insurance
  • Mixed Insurance
  • Named or Specific Voyage Insurance
  • Sales Turnover Insurance
  • Valued Insurance
  • Open or Unvalued Insurance
  • Blanket Insurance
  • Inland Transit Cargo Insurance
  • Package Insurance
  • Free on Board Insurance.
  • Annual Insurance
  • Stock Through-put Insurance