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Marine Insurance
Marine Insurance is the coverage of loss or damage of transport,
property ships, cargo or terminals that may occur during the transports in between
the points of origin and final destination.
This insurance is one of the oldest insurance. The First policy of Marine
Insurance in 1343.
Type of Marine Insurance
Marine Insurance can be broadly defined as either property or liability
insurance.
Property Insurance in Marine Insurance (Marine Property Insurance)
gives the coverage against financial loss resulting from destruction or damage
of property in which the insured party has the insurable interest.
Liability Insurance in Marine Insurance (Marine Liability Insurance)
gives the coverage of financial loss resulting from some person or organization
because of bodily insurance death, property damage, or some other injury for
which the insured is allegedly responsible.
Marine Property Insurance are further classified as
1. Cargo Insurance
2. Hull and Machinery Insurance
3. Loss of Income Insurance.
What is Cargo Insurance?
Cargo Insurance is also called the Marine Cargo Insurance which
provide coverage against the physical damage or loss of the goods that may occurs
primarily by water or, if in foreign trade, also by air.
Cargo Insurance is usually provided by one of the three cargo clauses. Clause
A,B or C , plus war clauses and Strike Claises.
What is Hull and Machinery (H & M) insurance?
Hull and Machinery insurance is also known as Marine Hull Insurance.
A hull is the body of the Ship or boat. The Hull of a Ship or boat remains present
in different types. The purpose of the hull is to reduce the wave resistance.
So overall Hull is responsible for saving the fuel.
Marine Hull Insurance insures the Hull while the boat or Ship is sailing or
being repaired. There are so many companies providing Hull insurance. However
as similar to other types of insurances, there is controversy. The Insurance
policy depends upon Company to Company providing insurance.
Loss of income insurance
As the name suggest an Insurance that is responsible for income insurance in
which the company who provide the policy remain responsible for business income
loss resulting from damage to or loss of insured vessel. This is Insurance is
also known as freight insurance.
Marine Liability Insurance
Liability Insurance can be further classified into three categories:
1. Collision Liability Insurance.
2. Protection and Indemnity Insurance
3. Other liability insurances.
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