Marine and Hull
In the past, trade was completely dependent on means of maritime transport only. Therefore, marine insurance was the earliest well–developed kind of insurance.
Types of Marine Insurance:
• Cargo Insurance: Caters specifically to the cargoes transported by sea, air or land in addition to the belongings of the voyagers.
• Hull Insurance: Mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture in the ship. This type of marine insurance also covers any mishaps occurring as a result of the negligence of the captain of the ship (excluding the cargo of the ship).
• Liability Insurance: In this type of insurance, compensation is sought to be provided for any liability towards the third party occurring on account of a ship crashing or colliding or any other induced attacks.
• Freight Insurance: Offers and provides protection to merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to an accident. This type of marine insurance solves the problem of companies losing money because of an unprecedented events and accidents occurring.