Marine Transit Insurance Policy offers coverage to the consignment against damages from various perils like fire, theft, explosion, and natural disasters. Specific Marine Insurance infographic (see below), explains the key features.
Specific Marine insurance is a type of insurance that covers losses or damage to ships, cargo, terminals, and any transport or storage in connection with the shipping industry. Here are some key coverage of marine insurance:
- Covered perils- Marine insurance policies typically cover a wide range of perils, including fire, storms, piracy, and accidents.
- Cargo coverage- Marine insurance policies comprehensively cover cargo loss or damage during transit by sea, air, or land.
- Hull coverage- Marine or Transit insurance online can cover the loss or damage of a ship’s hull, machinery, and equipment.
- Liability coverage- Marine insurance can cover the liability of the ship owner or operator for injuries or deaths to third parties and for damage to third party property.
- War coverage- Specific Transit Insurance can provide coverage for losses or damage caused by war or military action.
- Geographical coverage: Marine insurance policies can have worldwide coverage or be limited to specific geographical regions.
In order to purchase specific transit insurance, the insured must possess a legitimate financial stake in the marine property.
The below infographic explains the 6 key features of Specific Marine Insurance:
