Marine Cargo Insurance

Marine insurance helps to protect a ship as well as the cargo contained and being transported by the ship in a sea. Marine insurance is mandatory for all ship/yacht owners who are using their vessel for transportation or commercial purposes. Different insurance providing companies offer multiple types of marine insurance policies.

  • Fire or explosion.
  • Vessel or craft being grounded, stranded, capsized or sunk.
  • Collision/contact of a vessel or conveyance with an external object other than water.
  • Earthquake, lightning or volcanic eruption.
  • Washing overboard.
  • Entry of river, lake or sea water into the vessel, hold, craft, container, conveyance, liftvan or place of storage.

Marine Cargo Insurance Covers

  • Cargo insurance is a kind of marine insurance policy that particularly caters to a ship’s cargo. However, it also provides coverage for the belongings of the ship voyager.
  • Liability insurance provides compensation in situations where the liability is sought due to ship crash, collision or a ship being attacked.
  • Hull insurance insures the torso and hull of a vessel including articles and furniture of a ship. This insurance is procured by ship owners to safeguard their ship against any unfortunate situation or accident.
  • Freight insurance provides an extra layer of security to merchant vessel companies for situations of cargo loss due to unfortunate events. This kind of marine insurance is needed by those companies which are facing monetary losses due to accidents and other unprecedented situations.