What is Marine Insurance?
It provides coverage against the damages or losses of cargo or goods during transportation to its destination. This insurance policy offers coverage for all means of transportation, like by road, air, sea, railway, postal service, and couriers. Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
Marine insurance primarily covers loss during transit i.e., from loading at Premises of Insured until it reached it’s destination. Loss due to any reasons are covered. Once goods reach it’s destination, the coverage under this policy ceases.