Marine Insurance is the oldest form of insurance in the world. Marine Insurance can be classified into 2 kinds of policy: Marine Hull Insurance and Marine Cargo Insurance. The purpose of Marine Insurance is to reimburse the insured for a loss suffered as a result of the operation of an insured perils.
Marine Hull Insurance
Marine Hull Insurance is also known as the pleasure craft. The use of pleasure craft creates a need for the insurance of the vessels itself and for the insurance of liabilities to third parties incurred by the owner of operator of the craft.
Pleasure Craft encompasses a wide variety of vessels ranging from small powered and sailing crafts, to large cabin cruisers and ocean-going yachts.
The owner of the pleasure craft insured to protect his assets, or his interest in the asset. He also insures against liability arising from the use of the vessels.
Marine Cargo Insurance
The Marine Cargo Insurance is a "transit" insurance which covers all general cargoes carried by vessels, aircrafts, road conveyances, rail, parcel post and any other means of conveyance available for the movement of merchandise.
Premium
- Vessels (Age, Class)
- Voyage
- Nature of cargo
- Packing of cargo (Crates, container)
- Types of cover
- Extension (SRCC)
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