Types of Marine Insurance Policies
1. Ship or hull insurance: Due to the numerous risks which are faced by ships at sea, the insurance policy is designed to reimburse the insured for losses caused by ship damage.
2. Cargo Insurance: The ship transporting cargo faces several risks, including cargo theft and lost goods at the port or during transit. As a result, cargo insurance is required to cover such losses.
3. Freight Insurance: If the cargo does not arrive at its destination due to any kind of loss or damage during transportation, the shipping company will not get paid for the freight charges. Freight insurance assists in reimbursing freight losses caused by such incidents.