Marine insurance is the oldest form of insurance. This policy covers goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air.
Why Marine Insurance?
Goods once handed over to the carrier, control is lost
During transportation goods are exposed to a variety of hazards
Recovery of losses from carriers is very uncertain
Recovery amount limited
Facilitate free flow of trade
Indemnity against direct physical loss
Transfer of Risk and Ownership
Scope of coverage:-
Inland Transport /Import/Export
Type of polices :-
Marine Open Policy /Marine Open cover
Single transit policy /Specific Voyage Policy
General Insurance
