BIZZ

What is Marine Insurance?

A simple definition of the word insurance would be “Protection against future loss.” Marine insurance is another variant of the general term ‘insurance’ and as the name suggests is provided to ships, boats and most importantly, the cargo that is carried in them.

Marine insurance is very important because through marine insurance, ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used. Of the four modes of transport – road, rail, air and water – it is the latter most which causes a lot of worry to the transporters not only because there are natural occurrences which have the potential to harm the cargo and the vessel but also other incidents and attributes which could cause a huge loss in the financial casket of the transporter and the shipping corporation.

Different Types of Marine Insurance & Marine Insurance Policies

Cargo Insurance

Cargo insurance caters specifically to the cargo of the ship and also pertains to the belongings of a ship’s voyagers.

Hull Insurance

Hull insurance mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture in the ship. This type of marine insurance is mainly taken out by the owner of the ship in order to avoid any loss to the ship in case of any mishaps occurring.

Liability Insurance

Liability insurance is that type of marine insurance where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.

Freight Insurance

Freight insurance offers and provides protection to merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship meeting with an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.

FSSAI :

Name- Shivangi Purav
Profile Expertise - Fssai (Registrations,State,Central licenses )
Product approvals, Label Validations for Fssai
Have worked past on the continuous client basis .Licenses covered for manufacturing units, Repackers, warehouses, Distributors etc.


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