Marine Insurance is a type of insurance designed to provide coverage for the transportation of goods either on the ocean or by land as well as damage to the waterborne instrument of conveyance and to the liability for third parties arising out of the process.
The three most common types of marine insurance are hull, cargo, protection and indemnity. There is no such thing as a standard marine insurance policy and not all marine insurance companies insure against the same risks in the same type of policy.
Marine insurance provides protection against loss from unforeseen events in the ocean. The events could be a collision of the ship with the rock, or ship attacked by the enemies, fire and actions of the captains and crew of the ship.
Marine insurance is further broken down into three categories of insurance. These are ship or hull insurance, cargo insurance and freight insurance.
The main elements of a marine insurance contract are:
Marine insurance contract covers the loss or the damage of ships, cargo, terminals and any transport by which the property will transfer, acquired or held between the points of the origin and the final destination. The cargo insurance is the sub-branch of marine insurance, though this also includes the coastal and the offshore exposed property. For example container terminals, ports, oil platforms, pipelines, hulls, marine casualty, and marine liability. When goods are transported by mail or by courier, then shipping insurance is used. Any kind of insurance in the marine contract is covered under the Marine Insurance Act, 1963.
What are the features of the Marine Insurance Contract?
These are the following features:
What are the advantages of the Marine Insurance Contract?
The advantages are as follows:
You will find insurance companies and brokers in Zambia that offer marine insurance in this category.