All vessel owners need protection from potential threats above and beneath the ocean surface.
The vessels engaged in transporting the goods are expensive. In case they are damaged, the owners would incur heavy financial losses.
A Hull Insurance policy covers the vessel and its equipment i.e. furniture and fittings, machinery, tools, fuel, etc.
A freight insurance policy can protect the freight receivable by the vessel owners even if the transported goods are damaged during transit.
Also, read: Scope of marine insurance liability
A Port Risk policy can guarantee the safety of the ship while it is stationed in a port.
Marine liability insurance policy is sought to provided compensation for any liability that may occur such as the ship crashing or colliding with another vessel as well as other induced attacks.
In this global economy, marine insurance coverage is a necessity for all vessel owners to protect themselves against the perils of the sea.
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