Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Hull
Cargo
Freight
Protection and indemnity insurance
Extension of Ocean marine insurance
Domestic goods in transit
Property held by Bailees
Mobile equipment and property
Block Policies- “all-risks” basis
Means of transport and communication
Where goods delivered damage measure of indemnity is
Two types of risks are covered by ocean marine insurance.
Loss, damage or expenses attributable to willful misconduct of the assured
Ordinary or inevitable losses
Loss, damage or expense caused by inherent vice or nature of the subject matter insured
Loss / Damage due to insufficient, unsuitable or defective packing (including storage)
Loss / Damage or expenses proximately caused by delay even if the delay is caused by a peril insured against
Loss damage or expenses arising from insolvency of the owners, managers, operators of the vessel.
Loss damage due to un seaworthiness of the vessel or craft, container, lift van employed for carrying the insured matter.
Wars, strikes and civil commotions unless covered under separate endorsements.