Marine insurance

Basically, Marine insurance is divided into two main categories: insurance for vessels or ships, generally known as Marine Hull or technically referred to as Hull and Machinery (H&M), and insurance for cargo or consignments, which is known as Marine Cargo.

CARGO, SHIPS, TERMINAL COVERED.

MARINE CARGO

Marine Cargo Insurance primarily concerns international commerce, involving the import or export of goods and commodities. It essentially covers the transportation of goods between countries and provides insurance against the risks of loss or damage during the shipping process. Marine shipments are typically categorized into two main methods: Air or Sea freight, which often commence from the warehouse or seaport of the supplying country to the warehouse or seaport of the buyer in the destination country. A contract of marine insurance is an agreement in which the insurer undertakes to indemnify the assured against marine losses, as defined by the M.I.A. 1906, that is, the losses incident to marine adventures.

The Sea and Air cargo policies automatically cover goods shipped by ocean or air, respectively. However, depending on the terms of sale, three types of cover to be granted.

MARINE HULL & MACHINERY

Marine Hull insurance primarily deals with vessels such as ships, boats, or planes, including their engines or machinery, as well as third-party and crew/passenger liabilities. However, the liability aspects can be handled separately or even insured with another insurer.