Marine insurance will cover:

Physical or structural damage to the vessel due to collision with another submerged or
above water vessel.

Damage to the attendants or others property on board and bodily injuries

Towing, assistance and gas delivery in case the attendant is stranded on the boat
Marine insurance will also cover the ship and cargo if any problems are faced when
transporting the goods and any liabilities in the event of damage or loss of the goods.
Therefore, it is important to ensure adequate marine insurance especially when dealing
with commercial transportation of customers’ goods and belongings.
The Marine insurance transfers the risk from the owners and other stakeholders to the
insurance provider. This means limited liability and protection against any loss or
damage.
Types of Marine Insurance
1. Freight Insurance
This protects a merchant ship’s owning corporation, because they are prone to
losing money in freight. For example, if cargo is lost due to an accident, freight
insurance will cover the losses.
2. Hull Insurance
This covers the vessels hull and torso along with other pieces and articles of the
ship’s furniture. It also covers any damage or loss to the ship, boat or vessel in
the event of an accident.
3. Liability Insurance
This offers compensation for any liability caused due to the ship colliding or
crashing, or any form of an induced attack.
4. Marine Cargo Insurance
Cargo owners are at risk of mishandling the cargo at any stage. This may result
in loss, misplacement, or damage to the goods. Therefore, to protect the interest
of the cargo owner, marine cargo insurance will cover the losses against an
adequate premium payment.