MARINE REINSURANCE SERVICE

Marine insurance refers to a contract of indemnity. It is an assurance that the goods dispatched from the country of origin to the land of destination are insured. Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination. The risks covered range from a named perils risk to an All Risks cover which include the Perils of the Sea, Theft, Fire, Malicious Damages, Strike, Riots, Civil Commotion,Overturning, Jettison, Act of Gods perils and Accidents.

Types of Marine Insurance :
Freight Insurance : In freight insurance, for example, if the goods are damaged in transit, the operator would lose freight receivables & so the insurance will be provided on compensation for loss of freight.
Liability Insurance : Marine Liability insurance is where compensation is bought to provide any liability occurring on account of a ship crashing or colliding.
Hull Insurance : Hull Insurance covers the hull & torso of the transportation vehicle. It covers the transportation against damages and accidents.
Marine Cargo Insurance : Marine cargo policy refers to the insurance of goods dispatched from the country of origin to the country of destination.