What is the purpose of marine insurance?

Answer 1

The advantage of having marine insurance is that it reduces the liability that may occur when damage happens. It protects vessel owners in the event of theft, accidents, mistakes, and also provides compensation for illness, injury or death.

Answer 2

There are two types of insurance that you may be referring to so I will give you a brief explanation of each. Marine insurance is coverage for property while in transit across oceans and seas. This is usually for products in transit from the country where it is produced to the markets where it is going to be sold or for raw materials the other way around. The second type of insurance that you may be talking about is "inland marine" insurance. Inland marine is a term used to refer to insurance to cover separate classes or types of insurance. Inland marine are often times called floaters because they are used separately or attached to another policy. An example would be for jewelry that is insured on a floater and attached to your homeowners policy to maximize a certain dollar amount of coverage for particular items. Another example might be a piece of large construction equipment insured for a construction company and listed separately for a set dollar amount that is agreed upon by the company and the insured.

Answer 3

Export or import cargo getting damaged on transit whether by sea,air or surface transport for various reasons and forms, are covered under Marine Insurance for which the Insured are to pay premium whether under open policy or specific shipment policy under Cif payment terms, the insurance premium is borne by the buyer on fob payment terms at their end in advance.

Answer 4

Marine insurance covers all kinds of water equipment from boats to skis to shipping materials. it also covers injury while on the water, particularly the kind of waters listed on the policy.