Marine Insurance is a widely known insurance policy that covers the scratch or loss of cargo, ships, terminals and property or transport by which cargo is acquired, transferred, or held between the point of final destination and the point of origin. Marine Insurance includes offshore and onshore exposed property which includes ports, pipelines, oil platforms, container terminals, marine casualty, hull and marine liability etc. Cargo insurance is a sub- branch of Marine Insurance.
The Marine Insurance Act includes a standard policy as a schedule, which has the liberty for the parties to use according to their wish.
There are various types of specialist policies of Marine Insurance, which are described below:
Yacht Insurance, is an insurance of pleasure craft which include liability coverage. The yachts and other smaller vessels like shipping vessels are underwritten on a line slip basis or binding authority.
New building risks Insurance, which covers the damage or risk of the hull, while it is under construction.
War risks Insurance, which covers the risk of a vessel sailing into a war zone, which is not covered by usual hull insurance. War risks cover protects against the danger of loss in a war zone, at an added premium.