Marine insurance is a type of insurance coverage that provides financial protection against losses or damages to ships, cargo, terminals, and other maritime assets. It’s designed to mitigate risks associated with the transportation of goods and vessels across waterways.

There are some types of marine covers which include; cargo insurance which covers loss or damages to goods during transit by sea, air or land, freight insurance which covers the loss due to the failure to deliver goods as contracted, hull insurance covers the vessel itself, including its hull, machinery, and equipment, against physical damage or loss caused by perils such as collision, grounding, sinking, fire, piracy, and natural disasters.

It excludes damages caused by ones wilful misconduct, any losses or damages incurred a result of civil war, acts of terrorism and strikes, Losses incurred due to inadequate or improper packing of the goods. Marine insurance plays a crucial role in international trade, providing security and financial protection for businesses involved in the shipping and transportation of goods across borders.