What does Marine Insurance Cover?
Marine Insurance provides security coverage to all goods during transit from the point of origin to the point of destination. It includes any cargo damage/losses, in case a ship is grounded, and other unforeseen risks like poor weather conditions, navigation errors, collision, inadequate packaging & storage, theft & pilfering, and even war. It not only covers the vessel, its cargo & freight, but also the lives of the ship’s crew.
However, though the term ‘marine’ implies shipment by sea, Marine Insurance Policies also provide coverage during transit by rail, road, and air. The policy can, however, be extended to cover other untoward happenings like strikes, piracy, riots, terrorism, and such hostile human acts.
Marine Insurance Coverage
Let’s look at the various types of Marine Insurance that offer a range of security coverage:
Hull Insurance
Hull Insurance is usually taken out by the ship’s owner to secure the vessel against any unforeseen casualty. It includes the hull & the body of the ship plus the furniture, fixtures, and machine tools.
Freight Insurance
The terms of transport generally state that the freight would be paid only after the safe delivery of the goods. If the goods are lost, damaged, stolen, or destroyed in transit, the shipping company is not liable to recover freight. In such conditions, freight insurance pays for the troubles of the shipping company.
Marine Cargo Insurance
This policy secures coverage to the cargo owner against loss, theft, or damage to the cargo in transit. Additionally, it includes third-party liability insurance that pays for any damage done to the port, ship, truck, etc., damage to other cargo, and injury to any crew due to the hazardous nature of your goods.
Liability Insurance
Liability Insurance covers any financial burden befalling the cargo owner on account of his liability to a third party if the cargo is lost at sea due to collision or such similar risks. In such cases, the insurance company pays for his financial liability towards the third party.
We, at Suraksha, with our wide experience in insurance brokerage, assist you in picking the right policy with low premium & high coverage. We are your one-stop-shop for all insurance needs, assist in filing claims, and ensure seamless paperwork for quick claims settlement. Connect with us at insurance@suraksha.seahwk.com for comprehensive insurance solutions to cater to both your business & personal needs.
