General insurance Marine insurance

[btaliat]

Marine insurance is arguably oldest form of insurance, it is important because of some perils that are associated with sea which include, storm, tempest, collision, fire and so on.

Marine insurance is the branch of insurance that covers liabilities or losses that are related to shio and their cargoes, which means the goods, against any possibility of dangers of the sea.


The following are the types of marine insurance.

• Hull insurance : it covers the ship against damages thay may occur as a result of peril of the sea. It may be for specific journey or time most time.
• Cargo insurance : it covers the goods or cargoes carried by ship. It is only for goods in transit. That means this type of marine insurance is important during international trade.
• Ship owner liability : it covers the loss that the ship owner may experience or even the worker may be due to the negligence.
• Freight Insurance : it covers the risk against refusal to pay charges for lifting the goods. The shippers covers himself against loss for sum paid out in freight if the cargo was lost in transit before reaching its destination.

 

[Jamoflondon]

You might be right about marine insurance but I do not think it is the oldest, we can say it is one of the oldest of all. I never knew marine insurance also have policy for cargo. Because it sounds like it only covers whatever is on the sea. But I think it’s cool

 

[btaliat]

You might be right about marine insurance but I do not think it is the oldest, we can say it is one of the oldest of all. I never knew marine insurance also have policy for cargo. Because it sounds like it only covers whatever is on the sea. But I think it’s cool

Thanks for your comment and I really appreciate it. I never admitted that marine insurance is the oldest, that's why I said arguably, that's it is subjected to argument. And about what marine insurance cover, cargo is also something to do with water. It is just like freight if I am not mistaking.

 

[Mandy96]

First of all, i think marine force is a government sector.
Second of all, is it possible that a government sector or property is insured? Actually it’s a question I have always worried about. I really want to know. If it is possible, then who gets to make the contract deal with the insurance company

 

[btaliat]

First of all, i think marine force is a government sector.
Second of all, is it possible that a government sector or property is insured? Actually it’s a question I have always worried about. I really want to know. If it is possible, then who gets to make the contract deal with the insurance company

That's a brilliant question out there. Just like you said, the water bodies of any country belongs to the government of the country. It when it comes to marine insurance, they are not actually insuring the water bodies but the ship or the cargo or the freight. I think I have answered the question but if you still need clarification, you can tell me. We are all here to learn.

 

[Nite]

Nicely elaborated topic. Marine insurance protects the insured goods against all the potential marine related perils. This type of plan can be easily customised and adjusted to meet certain needs of the customers. Also under marine insurance policy, a customer has the liberty to enhance the coverage with add-on benefits.