Ocean Marine Insurance

There are four major types of coverage under ocean marine insurance: hull, cargo, freight and liability Hull insurance is the coverage of the vessel Cargo is the insurance on the cargo carried by a vessel Freight insurance refers to the money paid for transporting goods. It protects the owner of the vessel(s) against the loss of income in case the vessel is damaged and is not being utilised.

Liability insurance, also called protection and indemnity (P&I) insurance, covers the liability of the owner or operator arising out of the operation of the vessel. The liability may be concerned with persons, cargo, other property or penalties imposed by laws or regulations.

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