Marine Insurance

Marine insurance

• Covers against losses occurring at sea.

Cargo insurance

• Covers against loss of goods transported by sea or goods transported by ships at sea.
• Covers against damages or loss of goods during transportation.
• Can be voyage policy ie. Cargo is insured for a particular journey or
• It can be open: giving cover for goods worth a stated value or amount.

Hull insurance

• Covers damage to a ship itself, fixtures or machinery and other ships.
• Fleet insurance covers a number of ships under one policy.
• Voyage policy covers a ship for a particular journey.
• Time policy covers a ship or a fleet for a specific period.

Freight insurance

• Is taken out by the shipping company where freight charges have not been prepaid.
• Covers non-payment of transport costs by the shipper to the ship owner.

Shipowner’s liability

• Covers damage due to collision with other vessels:
• claims by injured crew and passengers.
• Pollution of beaches.
• Damage caused to docks.

To access more topics go to the Commerce Notes page.