Types:-

• Marine import transit Insurance policy for import cargo

• Marine Export transit insurance policy for export cargo

• Marine Inland transit insurance policy for inland cargo

The insurer compensates the following losses:-

• Dire situations like fire or explosion, sinking, stranding during a cargo journey

• Expenses incurred due to collision, overturning or derailment of land conveyance

• Expenses incurred where the cargo is discharged from a port of distress or disturbance

• Cost of general average sacrifice salvage charges

• Protection against any natural calamities like earthquake or lightning

• It also covers situation like jettison and washing over board

• It also covers total loss of the package whether overboard or dropped amidst loading or unloading.

Hull Insurance:-

Hull insurance is a marine insurance policy specifically designed to provide coverage to water vessels and commercial based ocean crafts like boat ships, yachts, fishing boats, steamer, etc. A hull means the body of the vessel and this insurance policy protects them against named perils. This insurance provides financial protection in case of any damage to the hull or the machinery due to risk covered by the policy.

Marine Liability Insurance:

It is also called Protection & indemnity insurance. It offers protection for third party liability that owners are exposed to during water based operations. It covers injuries, illnessor even loss of life caused by vessel operations. Medical expenditures, damage to other vessels or cargo, collision accidents and related expenses as a result of quarantine may also be covered.