A full guide for marine and ship insurance
Introduction
Sea and ship is one of the oldest forms of insurance insurance, which lies deeply in global trade and commerce. As the economies of the world have expanded, it is also important to protect goods, ships and interests in the sea. Whether you are the owner of a cargo, ship operator, or logistics company, understanding Marine Insurance is important to reduce financial risks.
This guide offers a comprehensive observation of sea and ship insurance, its types, coverage areas, benefits and legal ideas with the aim of empowering stakeholders in the shipping and maritime industry.
1. What is marine insurance?
Marine insurance is a contract under which the insurer acts to condemn the insurer against maritime losses – cargo, ships, terminals, and any transportation or cargo by which the property is transferred, acquired, or held between points of the original and final destination.
The word “maritime insurance” includes broadly plow insurance (for ship itself) and cargo insurance (for goods being transported), as well as liability coverage for third-party damage.
2. Importance of marine insurance
Marine transport is exposed to various types of risks including natural disasters, piracy, fire, collision, machinery breakdown and human error. Provides marine insurance:
Financial security against damage or damage to cargo and ships.
Compliance with International Trade Rules.
Risk transfer from owner to insurer.
Peace of mind to shippers, exporters and importers.
Support in logistics planning, especially for high-value or long distance shipment.
3. Major types of marine and ship insurance
3.1 Hull Insurance
Solution Insurance involves physical damage to the vessel. This includes safety for this:
Scheduled tribe
