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. The risks include:
Perils of the sea
Malicious Damage
Fire and Accidental Damage

Note: The term “perils of the sea” refer only to accidents or consequences at sea and does not include the acts of god. In addition, hazards at sea include fire, the danger of war, piracy, seizure and dumping.

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    Open Policy

    This policy is issued for the carriage of goods within India. The policy is valid for one year and all transits declared during the policy period are automatically covered by the insurance company.

    Specific Voyage Policy

    This type of insurance is valid for one trip or transit. These policies will be issued prior to the commencement of travel. Insurance coverage ends after the end of the trip.

    Annual Policy

    Issued to cover goods transported by road, rail or sea, owned by a specified company, or entity employed by the insured party. The insured must belong to or be trusted by the insured.

    Hull Insurance

    It covers the insurance of the ship and its equipment. I.e., furniture, machinery, tools, fuel, etc. It is common for the ship owner to bring it out.

    Freight Insurance

    Provides protection against cargo loss. Often under the terms of the contract, the owner of the goods is obligated to pay freight only if the goods are safely delivered at the port of destination. If the ship is lost en route or the cargo is damaged or stolen, or the shipping company loses the cargo, such insurance can be taken.

    Liability Insurance

    This insurance compensates for damages suffered by the insured when a third party is held liable for damages due to a collision of ships, etc.