Marine insurance serves as a critical safeguard in the global trade and transportation sector, addressing the inherent uncertainties and risks associated with maritime operations.
This form of insurance provides comprehensive coverage against loss or damage to ships, cargo, and other assets while in transit over water, air, or land.
It plays a pivotal role in mitigating financial losses due to accidents, natural disasters, or other unforeseen events that may occur during the complex journey from origin to destination.
Cargo Insurance is specifically designed to protect the value of goods in transit. It covers losses or damage across various modes of transportation, ensuring that the financial interests of the cargo owners are preserved.
Hull Insurance, on the other hand, focuses on the vessel itself, including its hull, machinery, and equipment. It provides coverage for physical damage to the ship and can extend to indemnify against liabilities to third parties
