Marine Insurance
What is Marine Insurance?
Marine insurance provides protection against risks that ship owners, cargo owners, and related parties may face during sea transportation. There are many risks in maritime activities, and various types of insurance are available to minimize these risks.
Hull Insurance
Coverage: Protects the ship against hazards such as collision, fire, explosion, and grounding. Additional Coverage: Extra protections can be obtained against risks like terrorism, war, and rebellion.
Cargo Insurance
Coverage: Protects against damage, loss, or theft of cargo. Additional Coverage: Extra coverage can be added for special packaging, storage, and refrigeration needs.
Loss of Profit Insurance
Coverage: Covers loss of profit due to interruption or delay in business caused by damage to the ship. Additional Coverage: Additional expenses and operational costs can also be covered.
Shipbuilding Insurance
Coverage: Covers damages during ship construction such as theft, fire, or workmanship errors. Additional Coverage: Additional coverage can be taken for construction materials, special equipment, and machinery breakdowns.
Captain and Crew Insurance
Coverage: Protects against accidents, illnesses, or deaths that may occur to the ship’s crew. Additional Coverage: Long-term treatment, rehabilitation, and compensation needs can also be covered.
