Marine insurance protects ships, cargo, and goods transported by sea, river, or even air. If the ship sinks, gets damaged in a storm, or the goods are lost, the insurance company pays for the loss.
This type of insurance is very important for importers, exporters, and businesses that send goods across countries. There are different types:
- Hull Insurance – Covers the ship or boat.
- Cargo Insurance – Covers the goods being transported.
- Freight Insurance – Covers the income from transporting goods.
Marine insurance also covers risks like fire, pirates, accidents, and loading damage. Businesses can choose short-term or long-term policies based on their needs.
It helps reduce the financial risk involved in global trade and keeps businesses safe from heavy losses.
