P&I stands for Protection and Indemnity Insurance, provided by P&I club. However, it will require a survey and approval from the surveyor.

The insurance company will compensate for any operational damage to the ship.

This insurance coverage gives you protection for all essential machinery on-board. Therefore, to protect your interest as the cargo owner, marine cargo insurance will cover your losses against an adequate premium payment. This may result in loss, misplacement, or damage to the goods. If you are a cargo owner, you are at risk of mishandling the cargo at any stage, i.e., from handling at the terminal or during the voyage. Liability InsuranceĪ liability marine insurance policy offers compensation for any liability caused due to your ship colliding or crashing, or any form of induced attacks. You can take out hull insurance as an owner to avoid any damage or loss to your ship, boat, or vessel in case of an accident. This marine insurance covers your vessel’s hull and torso, along with other pieces and articles of the ship’s furniture. This marine insurance covers legal costs claims and handling assistance for a broad range of disputes not covered by P&I, Hull, or machinery insurance. This one is commonly known as FD&D or defence. For example, if you lose the cargo due to an accident, freight insurance will cover the losses. Freight Insuranceįreight insurance protects a merchant ship’s owning corporation, because they are prone to losing money in freight. There are several types of marine insurance cover to cater to different needs. This will help you gain a customer’s trust by providing an insured service. That said – it is your responsibility to ensure that you have adequate marine insurance, especially when dealing with commercial transportation of customers’ goods and belongings. Moreover, it will cover liabilities in the event of damage or loss of the goods. Marine insurance will also cover your ship and cargo if you face any problems while transporting goods. Towing, assistance, and gas delivery in case you find yourself stranded on the boat.Damage to your or others’ property on board and bodily injuries.Physical or structural damage to your vessel due to collision with another submerged or above-water vessel.Marine Insurance will mostly cover the following: This will determine the safety aspect impacting your coverage premiums. Of course, certain criteria define the coverage and what it may entail, such as whether your boat or vessel is on-shore, out of the water, sitting in your garage, or stored at a boat club. Simply put, a marine insurance policy will cover any loss or damage surrounding the boat or watercraft. Marine insurance offers coverage for any damage or loss related to ships, cargo, terminals, transports, or transfer.

Insurance risk management cover letter