What is Marine Insurance Policy? | Benefits, and Coverage

By Okbima 16 Jan 2023 151
marine-insurance

 

Introduction:

Marine insurance is a type of insurance that protects ships, cargo, and other marine assets from loss or damage. It is an important tool for businesses and individuals who rely on shipping to transport their goods.

 

Who Needs Marine Insurance?

Marine insurance is essential for businesses of all sizes that ship goods internationally or domestically. It can also be beneficial for individuals who are relocating or shipping valuable personal belongings.

 

Benefits of Marine Insurance

Marine insurance offers a number of benefits, including:

1. Comprehensive coverage against a wide range of risks, including shipwrecks, storms, cargo theft, and other unexpected events.

2. Flexible policy options to meet the needs and budgets of different businesses and individuals.

3. Peace of mind knowing that your goods are protected in the event of a loss.

 

Types of Marine Insurance

There are three main types of marine insurance:

1. Cargo insurance: Covers the loss or damage of cargo during shipping.

2. Hull insurance: Covers the loss or damage to a ship or vessel.

3. Freight insurance: Covers the cost of freight in the event of a loss or damage to a ship or cargo.

 

What is Covered by Marine Insurance?

The specific coverage of a marine insurance policy will vary depending on the type of policy purchased. However, most marine insurance policies cover the following:

1. Loss or damage to cargo or vessels caused by shipwrecks, storms, fire, and other unexpected events.

2. Liability claims arising from damage to other ships or cargo.

3. Costs associated with salvage and recovery operations.

 

What is Excluded from Marine Insurance?

Most marine insurance policies exclude the following:

1. Ordinary wear and tear.

2. Loss or damage caused by intentional acts or negligence.

3. Loss or damage caused by war, terrorism, or other political events.

 

How to Get Marine Insurance?

To get marine insurance, you can contact a marine insurance broker or agent. They can help you compare different policies and find the right coverage for your needs.

 

Buy Marine Insurance from Okbima

Okbima offers a wide range of marine insurance policies to meet the needs of businesses and individuals of all sizes. We offer comprehensive coverage, flexible policy options, and competitive rates. Get a quote for marine insurance from Okbima today!

 

Conclusion

Marine insurance is an important tool for businesses and individuals who rely on shipping to transport their goods. It can provide peace of mind knowing that your goods are protected in the event of a loss. Buy marine insurance from Okbima today for comprehensive coverage, flexible policy options, and competitive rates.

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