• Marine Insurance is a contract under which the insurer undertakes to indemnify the insured against marine losses or incidental to marine adventures. The loss or damage may occur to the ship/vessel or to the marine cargo during the voyage.

    Types of Marine Insurance

     •Hull Insurance– cover is taken out by the owner of the ship/vessel against the hull of the ship/vessel and all articles and pieces of furniture on the ship.
    •Marine Cargo Insurance– cover is taken by the cargo owner to protect the cargo or his/her financial interest in the cargo against damage or loss due to accident or delay in voyage or during unloading.
    •Liability Insurance– the insurance is taken out to cover any third party liabilities that may arise on account of the ship/vessel.

    Some of the insured perils are;

     •Fire and explosion.
    •Collision with other ship/vessel or against rocks.
    •Breakage, Theft, Pilferage, jettison etc
    •Spoilage of cargo from sea water.
    •Sinking
    •Mutiny
    •Piracy

    Some of the uninsured perils are;

     •Willful misconduct of the ship/vessel owner.
    •Loss or damage arising out of insolvency or financial default.
    •Damage caused without the intervention of any external cause.
    •Normal wear and tear
    •Loss due to insufficient packing or stowage.
    •Dead freight/ demurrage