btaliat
VIP Contributor
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.
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.