This policy covers the risk of loss, destruction or damage to the goods in transit as exports and imports by sea, air or land. It also covers 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.
Protects you from a number of risks that are out of your control like Bad weather, breakdowns, strikes and other events during transportation that can seriously impact your bottom line.
Types of coverage
1.Marine Hull
Hull insurance is an insurance policy specially designed for covering ship damage expenses and any fixtures attached to the hull of the ship as a functional part, into the definition of hull.
Mainly the policy insures against the following perils:
- Destruction of hull
- Damage to machinery
- Disbursement losses
- Ship-breaking losses
- Fittings and freight
Hull insurance policies can also include third party liability such as cover for losses or damages caused by your vessels to other ships or boats, or injury to the ship workers
2. Marine Cargo
Provides cover against loss or damage to goods whilst in transit as exports or imports.