Marine insurance is a type of insurance policy that covers your goods in transit while being transported by air, sea, or land.
This coverage cushions the financial effect of unforeseen losses while moving property from one port to another.
We have a more elaborate article on this. Learn more about marine insurance.
Let’s dive into some frequently asked questions about marine and marine cargo insurance.
Marine Insurance FAQs
Marine cargo insurance is a type of property insurance that protects property while in transit against risks of the sea, air, rail, road, and inland waterways.
Marine cargo insurance protects your investment by covering your products in the event of loss, damage, or delay. Without marine cargo insurance, every good is handled, stored, and transported at the risk of the shipper, owner, and consignee.
Marine risks are any and all cases of cargo theft, loss, or damage such as stranding, sinking, burning, collision, management error on the vessel, boilers bursting, latent flaws in the hull, explosion, water harm, stormy weather, ships perspire, condensation, improper carrier stowage, pilferage or theft, leakage or breakage during delivery.
Marine insurance works on the principles of insurable interest, utmost good faith, indemnity, proximate cause, and loss minimization.What is a marine insurance policy?
What is the importance of marine cargo insurance?
What are marine risks?
What are the features of marine cargo insurance?
What are the 5 principles of marine insurance?
Learn more about marine insurance principles.
Since your business involves the sea and ports, it is critical to be completely compliant in order to safeguard yourself, staff, clients, and company.
Marine insurance insures vessels from physical damage and other disasters while other insurance policies focus on other things.
Earthquakes, volcanic eruptions, lightning washing overboard, ageing by sea, lake, or river water, loss due to improper packing, riot, and civil unrest.Is marine insurance compulsory?
How is marine insurance different from other insurance?
What is not covered in marine cargo insurance?
Bottom Line
The purpose of marine insurance is to protect cargo owners and/or financiers against financial loss resulting from physical loss, damage, and other expenditures during the shipping process.
Ready to shop for marine insurance?
Here at Leadway, we have a range of marine insurance products to cover your vessel or fleet against physical damage while in transit over water. Looking to do more in-depth research to find the one that works for you, request a callback today, and our team of financial advisors will reach out to you.
