Marine Insurance
Accidents and damage to goods in transit can happen at anytime and result from a variety of causes. Natural calamities such as stormy seas can delay and damage goods sent by ship. Plane crashes and airport delays can cause problems to goods being transported by plane. In fact, there are nearly as many ways that shipped goods can be damaged as there are goods shipped.
Marine and transportation insurance cannot calm stormy seas but can certainly calm the fears of exporters and importers. In the unfortunate event that goods are lost or damaged, compensation can be paid and you can replace or rebuild what has been lost and carry on doing business.
Marine and Transportation Insurance can be divided into 2 main categories:
Marine Cargo Insurance insures transportation by land, water and air as well as by parcel post, which again can be divided into 2 types:
  • Inland Transit Insurance
  • Overseas Transit Insurance of three types:
    •     Institute Cargo Clauses (A)
    •     Institute Cargo Clauses (B)
    •     Institute Cargo Clauses (C)
  • Marine Hull Insurance covers losses and damages of hulls, machinery and shipping equipment damaged by storms, vessels running aground, fire and shipwreck.