Covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Marine insurance has two distinct coverages:
- Marine Cargo:
Covers sea risks of loss or damage of cargo from accidental causes such as sinking, stranding, fire, collision, sea water, heavy weather, contact, explosion, damage during discharge or loading and special charges incurred at the point of distress and a wide range of other perils.
- Marine Hull:
Covers accidental loss or damage to the torso and hull of the vessel, equipment and furniture (ship, boat, cruisers) anywhere in the agreed navigational limits set by the policy along with equipment.