Marine insurance primarily provides financial protection to the ship owners, cargo owners or the freight owners in respect of any loss or damage to their interests caused by maritime perils insured against.
An inland marine or ocean marine policy covering cargo in the care, custody, or control of the carrier. It provides cover against loss or damage to cargo during transit from one place to another by any one or more modes of transport. In case of import & export goods, the marine cargo Insurance is a valid document to open the bank LC and goods protection.
Can be added on payment of extra premium to ICC (C)
Can be added on payment of extra premium to ICC (B)
Marine Hull Insurance Covers loss or damage to hull and machinery. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator.
a) Covers the hull and machinery of the Insured ship.
b) Covers machinery while it is under construction at specified sub contractor’s premises within the construction port.
Covers machinery only at the builder’s yard within the construction port (Does not include other parts or materials to be built into the ship.)
Period of cover: Specified period of cover but terminated upon delivery to the owner.