Marine Insurance is a type of insurance that covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination. Providing protection against transport-related losses, this voyage policy provides a haven for shipping companies and couriers because it protects them from costly potential losses while transporting goods by water.
Despite following laws and safety regulations, transporters can’t control natural occurrences that might disrupt the cargo or vessel. Things like weather hazards encounter with pirates, and cross border conflicts are very common in water transportation and the damages associated with these situations can cause significant financial hardship for ship owners. This is where a marine insurance policy comes to the rescue, protecting the interests of shipping corporations and transporters by providing them with insurance coverage needed to defend against possible losses.
Another great feature of marine insurance is that transporters can choose coverage options applicable to their specific trade. Coverage requirements can differ, so shipping businesses can choose an insurance plan that is customized. Different policies are available to provide coverage according to the size of the ship and routes taken.
This policy is meant for all kinds of cargoes transported by road, rail, air, or sea. Policy and also be extended to cover the loss or damage to the cargoes caused by war, Strike, and malicious acts.
If you are interested in Marine Insurance and wants to know more in detail, please feel free to submit following information.