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Marine Insurance, An Overview

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What is marine insurance?

Traveling and transportation on the sea waters is an ancient thing. People from all over the world use the water transportation to reach their destinations. The traveling on water is equally risky like the movement on road or the in the air. It is prone to heavy losses that might happen because of accidents, natural calamities or the technical faults. The seaside damages can happen to ships, cargos, terminals, and property along the beaches. The losses are sometimes are too heavy to compensate. Marine insurance is the means to cover all the associated losses. It includes the insurance of the cargo, onshore and offshore property, casualties and liabilities associated with the marine life. If the transportation involves the mail based couriers and goods then the marine insurance companies also offer shipping insurance.

Why get marine insurance?

Once you are using the marine means there are multiple chances of the losses. The risk is extremely concerning when huge cargoes from major exporters are on their way. It is not just because of the threats at the sea but they are there from the time the cargo reaches the port. The cargo is likely to suffer huge losses at the time of transit. The threats arise because of the shifting, displacement, mishandling, and jostling. Once it starts sailing it can suffer more serious threats. The sender and the receiver must be ready for all kinds of threats. It is important to fight all these threats by making pre-departure preparations. The best way to do all this is to get the full insurance. By getting the cyber insurance companies it becomes easy to find out that who will get compensation and how much. The aim of the marine insurance is to take care of the possible threats and the financial matters while the cargo is somewhere in the water.

Types of marine insurance

Marine insurance is of following types:

Hull insurance

The loss caused to any craft or aircraft on the water can be compensated by the hull insurance. The insurance covers the losses that happen to the ship. This covers all kinds of possible damages that are likely to happen to the ship. The insurance ensures compensation for the shipowner.

Cargo insurance

It is meant for the compensation of the losses that can happen to the cargo on board. The insurance covers the loss that can happen to the goods while they are in the water.

Marine liability insurance

This kind of insurance covers the loss that can happen due to an accident. This can be due to the crashing of the ships or colliding of two waterborne ships.

 Freight Insurance

The freight is the amount paid to the owner of the ship. The marine freight insurance compensates the financial loss that can happen to the ship owners because of the possible accidents.