The Insurance Every Business Owners Needs to Know About

Marine Insurance provides coverage for loss or damage to ships, cargo, terminals, and any transport by which goods are transferred, acquired, or held between points of origin and final destination. It's a critical safeguard for businesses involved in international and domestic trade, ensuring that the risks of marine activities are mitigated.

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What is Typically Covered:

• Cargo Insurance: Covers loss or damage to goods during shipment, whether by sea, air, or land.

• Hull Insurance: Protects against physical damage to the ship or vessel.

• Marine Liability Insurance: Covers the insured's liability for property damage or bodily injury claims related to ... maritime operations.

• Freight Insurance: Ensures that the loss of freight revenue is covered if goods are lost or damaged and cannot be delivered.

• Protection and Indemnity (P&I): Provides comprehensive liability coverage for shipowners, including third-party liabilities and expenses arising from owning or operating a vessel.

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What is Not Typically Covered:

• Deliberate Damage: Intentional damage caused by the ... policyholder or crew is not covered.

• Wear and Tear: The natural deterioration of the ship or cargo over time is not included.

• Improper Packing: Losses resulting from inadequate packing of goods are typically excluded.

• Financial Default: Losses due to the financial default of the shipper or ... carrier are generally not covered.

• War and Strikes: Risks associated with war, strikes, riots, and civil commotions may require additional coverage.