Marine Insurance can encompass a variety of products for example:
Marine Cargo/Marine Transit
Marine Cargo or Marine Transit insurance typically provides cover for damage to or theft of goods occurring during transit between destinations. Transit can occur by a variety or means such as sea, air, rail and road. Generally this is a declaration based policy requiring you to provide details or freight activity and values within designated policy periods.
Marine Hull insurance provides cover for loss or damage to watercraft such as charter vessels, yachts, fishing boats, commercial or merchant ships and specialist vessels like tugs and FPSO vessels. Cover can also include machinery, equipment and accessories forming part of the vessel.
Marine liability insurance covers legal liability to third parties in respect of personal injury or property damage as a result of insured events. This class of insurance would be relevant to vessel owners, marine contractors, stevedores and ship builders as well as operators of terminals, ports, marinas and the like. Where liability is taken out in relation to passenger carrying vessels, this can also extend to passenger related liabilities.