State four types of marine insurance policies
Types of marine insurance
- Hull insurance: It mainly caters to the torse and hull of the vessel along with all the articles and pieces of furniture on the ship.
- Machinery insurance: All the essentials machinery are covered under this f insurance and incase of any operational damages, claims can be compensated.
- Freight insurance: It offer and provides protection to merchant vessels corporations which stand a chance of losing money in the form of freight.
- Marine cargo insurance: It caters specifically to the marine cargo earned by ships voyages. It protects the cargo owner against damage or loss of cargo due to ship accident or delay in the voyage or unloading.