Hull insurance: Hull insurance is an insurance contract which subject matter is based on vessels.

Insurance of vessel and its equipment’s are included under hull insurance. There are a number of
classifications of vessels such as ocean steamers, sailing vessels, builders, risks, fleet policies etc.

Cargo insurance: when the goods or cargo transported from the port of departure to the port of
destination, from the subject matter of insurance, it is called as cargo insurance. These are used for the
insurance of goods and are incorporated in cargo policies. The clauses of this policy describe the nature,
extent and define the comprehensive condition and restrictions. Terms and conditions of cargo
insurance are specially incorporated in the policies. Generally exporters of the goods take this cargo
insurance policy.

Freight insurance: The function of this type of freight insurance is quite clear: It covers your commercial
shipment or personal property in case of accidents when transferred by vessel, truck, train or airplane
and accidents can and do take place. During the nationwide transport or international shipping your
cargo is apparent to possible damages & losses: piracy, tough weather, acts of God or other unexpected
situations. It was designed to safeguard the cargo owner's fiscal interests while the cargo is in transit
from the seller to the buyer. It is a very vital, but often left out aspect of the international transaction or
a simple household goods move. It seems that people admittedly understand the grounds for insuring
their personal residency, automobile and other valuables but tend to consider unnecessary when it
comes to insuring cargo shipment. Freight insurance offers and provides protection to merchant
vessels‟ corporations which stand a chance of losing money in the form of freight in case the cargo is
lost due to the ship meeting with an accident. This type of marine insurance solves the problem of
companies losing money because of a few unprecedented events and accidents occurring.