Marine Insurance

What is Marine Insurance?

Marine insurance is a form of international insurance designed to protect various maritime activities, including:

• Ships under construction
• Cargo transit across oceans, lakes, rivers, and inland waterways
• Land transit linked to marine transportation

Risks Covered During a Sea Voyage

• Fire or Explosion
• Overturning of the vessel or transport vehicle
• Stranding, grounding, sinking, or capsizing of the vessel
• Collision or impact with an external object (excluding water)
• Emergency cargo discharge at a port of distress
• Natural disasters such as earthquakes, volcanic eruptions, or lightning
• General average sacrifice (voluntary cargo loss to save the vessel)
• Jettison (intentional discarding of cargo to prevent sinking)
• Cargo washing overboard due to heavy seas
• Entry of seawater, lake water, or river water into storage areas
• Total loss of cargo during loading or unloading operations

Marine insurance provides financial protection against these unforeseen maritime risks, ensuring that goods and vessels remain safeguarded throughout their journey.