Marine insurance is a type of insurance that provides compensation for losses or damages

related to ships, cargo, terminals, and any other mode of transportation involved in
transferring or acquiring property between points of origin and final destinations. Let’s
delve into the details:
1.Features of Marine Insurance:

•Coverage: Marine insurance covers the loss or damage of ships, cargo, terminals, and any
other mode of transport by which property is transferred or held between points of origin
and final destinations.

•Variety: It encompasses all means of cargo transportation, not just ships.

•Subsets: Cargo insurance (a subset of marine insurance) also covers onshore and offshore
exposed property, including container terminals, ports, oil platforms, pipelines, and more.

•Customization: Shipping companies can choose coverage options specific to their trade,
tailoring insurance plans to their needs.
2.Types of Marine Insurances:

•Hull Insurance: Covers the ship’s hull and machinery against physical damage.

•Machinery Insurance: Focuses on the ship’s machinery and equipment.

•Protection & Indemnity (P&I) Insurance: Provides liability coverage for shipowners.

•Liability Insurance: Protects against third-party claims arising from maritime incidents.

•Freight, Demurrage & Defence (FD&D) Insurance: Covers legal costs related to disputes.

•Freight Insurance: Protects against loss of freight revenue.

3.Types of Marine Insurance Policies:

•Voyage Policy: Covers a specific voyage or journey.

•Time Policy: Provides continuous coverage for a specified period.

•Mixed Policy: Combines elements of both voyage and time policies.

•Open or Unvalued Policy: Covers an unspecified amount.

•Valued Policy: Specifies a fixed value for the insured property.

•Port Risk Policy: Covers risks at a specific port.