Marine Insurance

Marine Insurance

Marine insurance is a contract that provides coverage for the owner of a ship or cargo against risks associated with maritime adventures. It also includes insurance against the risk of loss or damage to cargo. Therefore, marine insurance protects ships, cargo, terminals, and any mode of transportation used to transfer, acquire, or hold property between the points of origin and final destination.

Overview

Marine insurance offers comprehensive coverage against a wide range of risks faced while at sea. It is essential for businesses involved in international trade, shipping, and maritime operations to protect their assets and investments.

Benefits of Marine Insurance

• All-round Coverage: Marine insurance provides protection against a variety of risks encountered during maritime voyages, including but not limited to collisions, sinkings, and cargo damage or loss.
• Worldwide Claim Assistance: Most marine insurance providers offer claim survey assistance globally, along with support in settling claims, ensuring a smooth process for policyholders.
• Customizable Plans: Marine insurance providers offer a variety of options and plans to suit different budgets and requirements, allowing businesses to tailor their coverage to their specific needs.

Types of Marine Insurance

1. Hull Insurance: Covers physical damage to the ship itself, including the hull, machinery, and equipment.
2. Cargo Insurance: Protects goods being transported by sea against loss or damage.
3. Freight Insurance: Provides coverage for the expected revenue from transporting cargo.
4. Liability Insurance: Covers legal liabilities that may arise, such as collisions, oil spills, or injuries to crew members.

Requirements for Enrollment

To enroll in a marine insurance policy, you typically need to provide:

• Business Details: Information about your company, including the nature of your maritime operations and assets to be insured.
• Vessel Information: Details about the ship(s) or cargo to be covered, such as size, age, and value.
• Voyage Details: Information about the planned voyages, including routes and frequency.

At Step by Step Insurance Agency, we understand the importance of protecting your maritime assets. Our marine insurance policies offer comprehensive coverage to safeguard your business against the risks of the sea.

Contact us today to secure your protection!