Covers the loss of or damage to ships, cargo, terminals and any transport or cargo by which property is transferred, acquired or held between the points of origin and final destination. It is designed to protect against four main types of marine exposures:
Cargo – Marine cargo insurance typically covers the accidental damage of or theft of goods transported by sea, air and road.
Hull/vessel – Hull insurance protects against loss of ships and vessels and property damage to hull and machinery, constituting the ship itself for owners of merchant ships, yachts and fishing vessels.
Loss of income – Marine loss of income insurance covers a shipowner against loss of business income resulting from damage to or loss of the insured vessel. When written for cargo vessels, whose income is called freight, the cover is referred to as freight insurance.
Liability – Marine liability insurance protects the insured against liability for bodily injury or property damage arising out of specified types of accidents.