Marine, Cargo & Hull Insurance

Marine insurance is the oldest type of insurance. It has been in existence for long and has its origins in the Greek and Roman maritime loan. Marine Insurance covers the loss or damage of Ships, Cargo, terminals and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination Marine Insurance covers both Cargo & Hull insurance.

Marine Hull insurance covers loss or damage to hull and machinery. Hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator. Typically any vessel that moves and floats like a boat such as yacht, cruise, liner, tanker etc can be covered by hull insurance.

Marine Cargo policy Provides covers for loss of, or damage to, goods at sea. Cargo can be damaged by stranding, grounding, sinking, burning, collisions, faults or errors in navigation, heavy weather, entry of sea or river water, jettison, washing overboard ships’ sweat condensation, improper stowage by the carrier, hook damage , theft or pilferage, war strikes or natural perils.