Overview Marine & Hull
Marine insurance was the earliest well – developed kind of insurance, as the designation of this type of insurance was based on the fact that trade in the past was done by means of maritime transport only.
Marine insurance is divided into:
- Cargo Insurance: Caters specifically to the cargo of the ship and also pertains to the belongings of a ship’s voyagers.
- Hull Insurance: Mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture in the ship. This type of marine insurance is mainly taken out by the owner of the ship in order to avoid any loss to the ship in case of any mishaps occurring.
- Liability Insurance: Is that type of marine insurance where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.
- Freight Insurance: Offers and provides protection to merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship exposed to an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.