Marine Insurance

Marine insurance is a type of insurance that provides coverage for Ships, Vessels, Cargo, and other Maritime-related risks. It protects Shipowners, Cargo Owners, and other stakeholders against financial losses resulting from various perils encountered during sea voyages or while goods are in transit.

Marine Insurance

 Marine insurance typically includes:

1.Hull Insurance: Provides coverage for physical damage to Ships or Vessels, including the Hull, Machinery, Equipment, and other onboard Property. It protects against risks such as collisions, groundings, fires, sinking, piracy, and other maritime perils.

2.Cargo Insurance: Provides coverage for loss or damage to goods or merchandise while in transit. It protects Cargo Owners, Shippers, and Logistics companies against financial losses resulting from risks such as theft, damage, deterioration, or loss during loading, transportation, and unloading. Cargo insurance can be tailored to meet the specific needs and risks of different types of cargo, including perishable goods, bulk commodities, and high-value items.

3.Freight Insurance: Provides coverage for financial losses resulting from the non-delivery, mis-delivery, or damage of cargo during transit. It protects freight forwarders, shipping agents, and other intermediaries involved in the transportation of goods against legal liabilities and financial losses arising from errors, omissions, or negligence in handling cargo.

4.Protection and Indemnity (P&I) Insurance: Provides coverage for third-party liabilities arising from the operation of ships or vessels. This includes coverage for bodily injury, property damage, pollution, collision liability, and other legal liabilities incurred by shipowners or operators while engaging in maritime activities. P&I insurance is typically offered by mutual insurance associations known as P&I clubs and complements traditional hull and cargo insurance coverage.

5.War Risk Insurance: War risk insurance provides coverage for losses resulting from acts of war, terrorism, piracy, or other hostile activities involving ships or vessels. This coverage is typically offered as an optional add-on to standard marine insurance policies and helps protect shipowners and operators against the financial consequences of politically motivated acts of violence or aggression.

6.Marine Liability Insurance: Marine liability insurance provides coverage for legal liabilities arising from maritime-related activities, including chartering, stevedoring, ship repair, and marine pollution. This coverage protects shipowners, operators, and other maritime stakeholders against lawsuits, settlements, and judgments resulting from bodily injury, property damage, or environmental damage caused by their operations.

7.Pollution Liability: Provides cover for spillage and environmental contamination which includes clean-up and rehabilitations. Stock

8.Stock Throughput:  Provides a comprehensive cover to stock whiles stored in a warehouse, being delivered, in other Transport other  than sea and at the
Suppliers’ Premises.