Marine Insurance
Marine insurance is a specialized type of insurance that provides coverage for ships, cargo, and related liabilities during transit over water. It typically includes:
- Hull Insurance: Covers physical damage to the vessel itself.
- Cargo Insurance: Protects goods being transported by sea against loss or damage.
- Liability Insurance: Covers liability for damage to third parties, such as crew injuries or environmental damage.
Marine insurance safeguards businesses and individuals involved in shipping and trade by mitigating risks associated with maritime operations.