REQUIREMENTS
- Completed Proposal Form
- KRA PIN for the Insured
- Premium Payment
OUTLINE
Marine insurance is a type of insurance that provides coverage for ships, vessels, cargo, and other marine-related risks. It offers financial protection to marine businesses and individuals involved in shipping, transportation, and maritime activities.
DETAILS AND BENEFITS
Key components of marine insurance include:
1. Hull Insurance: This covers physical damage to the vessel or ship, including its structure and machinery, caused by accidents, collisions, or natural disasters.
2. Cargo Insurance: Cargo insurance protects the goods and merchandise being transported by sea against loss or damage during transit.
3. Freight Insurance: This component covers the loss of expected income (freight) in case of damage to the cargo that prevents its delivery.
4. Protection and Indemnity (P&I) Insurance: P&I insurance offers third-party liability coverage for shipowners and operators against bodily injury, property damage, and pollution-related liabilities.
5. General Average Insurance: In maritime emergencies, this type of insurance helps share the cost of losses among all parties involved in a shipping venture.