Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Marine insurance basically covers three risk areas, namely, hull, cargo and freight. The risks which these areas are exposed to are collectively known as "Perils of the Sea". These perils include theft, fire, collision etc.

Marine Cargo Marine cargo policy provides protection to the goods loaded on a ship against all perils between the departure and arrival warehouse. Therefore, marine cargo covers carriage of goods by sea as well as transportation of goods by land.

Marine Hull Marine hull policy provides protection against damage to ship caused due to the perils of the sea. Marine hull policy covers three-fourth of the liability of the hull owner against loss due to collisions at sea. The remaining 1/4th of the liability is looked after by associations formed by shipowners for the purpose.

Marine Insurance policy includes:

Boat Agreed Value coverage

Replacement cost for partial boat losses

Coverage for Uninsured/Und erinsured Boater protection and emergency boat towing

Competitive marine/boat insurance prices

Speedy, prompt and fair boat insurance claims service

Types Of Marine Insurance Policy:-

Time policy

Voyage policy

Mixed policy

Floating policy

Valued policy

Un valued policy

Composite policy

Block policy

If you have further query please contact Canada Insurance Plan.