Marine Insurance

Marine Insurance Overview

  1. What does marine insurance cover?

Marine insurance is broadly divided into three categories namely:

  • Marine Hull Insurance,

  • Marine Cargo Insurance and

  • Marine Third-Party Liability.

Marine Hull insurers risks associated with ships, dhows, canoes, boats and other marine vessels.

Marine Third-Party Liability covers the vessel owner in against legal liabilities to third parties.

Marine Cargo Insurance covers shipments from one point to another. The same insurance can cover any shipment by road, rail or air.

  1. Why do I need Marine insurance?

Marine insurance offers peace of mind to owners of shipments whilst in transit from one location to another. It also offers financial protection to vessel owners and carriers of goods against any loss, damage or liabilities that may occur in the course of transit. Marine insurance enables compliance with shipping contracts that require safeguards by parties to the contract against potential losses.

  1. What are the benefits of having marine insurance?

It covers your shipments against physical loss or damage from fire, storms, lightning, hurricanes, waves, water damage, piracy and capsizing. It also covers physical damage to your vessel from fire, storms, collisions and explosions. In addition, it protects your vessel's machinery and equipment as well as liabilities that may arise out of the usage of the vessel.

Marine insurance is essential for anyone involved in the transportation of goods, whether by sea, air, or land, as it protects against risks that can lead to significant financial loss.

  1. What document will I get after buying Marine insurance?

After buying Marine insurance, you will receive a policy document which is a written contract of insurance between the insured and the insurer. It contains terms and conditions of the insurance cover as well as the risks covered. Ensure that you read and understand the contents of your policy document.