Marine insurance acts as a safety net for the perils of ocean travel. It protects both cargo and vessels, ensuring financial security in case of accidents, damage, or loss. Businesses and individuals involved in maritime trade can breathe easier knowing potential mishaps won't cause financial ruin.
There are two main types of coverage: hull insurance safeguards the ship itself against damage or sinking, while cargo insurance protects goods being transported by sea. Marine insurance can also encompass liabilities like pollution caused by the vessel or injuries to crew members. Premiums are determined by factors like the value of cargo, size and age of the ship, and the route being taken. By mitigating risk, marine insurance keeps global trade flowing smoothly.