Marine Insurance is an assurance that the goods transported from the country of origin to the land of destination are insured. Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination.
Shipping companies and Marine Logistics are exposed to risks at every step. From the Ports till they reach the destination, they are at the whim of the ocean. The physical circumstances are not the only risk a shipping company undergoes. As evidenced by the recent event of suez canal blocked by Evergreen Cargo Ship, The blockage had caused disruption to deliver over $9 billion worth of goods each day, approximate $54 billion trade loss had been estimated.
Such unforeseen events cause losses of a great magnitude, which has to be insured so that the losses can be transferred to the insurance companies.
In freight insurance, for example, if the goods are damaged in transit, the operator would lose freight receivables & so the insurance will be provided on compensation for loss of freight.
Marine Liability insurance is where compensation is bought to provide any liability occurring on account of a ship crashing or colliding.
Hull Insurance covers the hull & torso of the transportation vehicle. It covers the transportation against damages and accidents.
Marine cargo policy refers to the insurance of goods dispatched from the country of origin to the country of destination.
By choosing Securus, you partner with a team of marine professionals who ensure that you operate in the right direction with our insurance advice and Risk mitigation strategies
