Meaning
Marine Insurance protects ships, cargo, and transporters from loss or damage during sea, air, or land transportation. It covers risks like theft, fire, storm, collision, or sinking. Businesses and traders buy marine insurance to ensure their goods are financially protected during shipment.
Key Types
- Hull Insurance: Covers the ship or vessel.
- Cargo Insurance: Protects goods being transported.
- Freight Insurance: Covers the loss of freight charges if goods are damaged.
Marine insurance is important for importers, exporters, and shipping companies to reduce financial risks.
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