Different Types of Marine Insurance & Marine Insurance Policies
The subject of Marine Insurance is very wide and encompassing, which is why there is a definite categorization of various types of marine insurance and different types of marine insurance policies.
As per the needs, requirements and specifications of the transporter, an appropriate type or type of marine insurance can be narrowed down and selected to be put into operation.
Why Marine Insurance?
Any insurance is designed to manage risks in the event of unfortunate incidents like accidents, damage to the property and environment or loss of life.
When it comes to Ships, the stakes are higher as all factors are involved in the operation, i.e. risk of losing valuable cargo or expansive ships, the risk of damage to the environment due to oil pollution and risk of losing precious lives of seafarers due to accidents.
Marine insurance gives insurance against the deficiency of marine hazards.What is Marine Insurance ?
The marine dangers are; crash with a stone or boat, assaults by adversaries, fire, and caught by privateers, and so on these risks cause harm, obliteration or vanishing of the boat and freight and non-installment of cargo.
Thus, marine protection safeguards transport (Hull), freight and cargo.
Already just certain ostensible dangers were guaranteed however presently the extent of marine protection had been partitioned into two sections; Ocean Marine Insurance and Inland Marine Insurance.
The previous insures just the marine risks while the last option covers inland dangers which might emerge with the conveyance of freight (divine beings) starting from the go of the safeguarded and may stretch out up to the receipt of the freight by the purchaser merchant.