Marine insurance

Marine Insurance, Maritime Industry Knowlage Center

Every cargo carried around the world in a ship is of value, whether that be a container full of microchips from Japan, or a chest of drawers that caught the eye of a European tourist holidaying in Australia. The owners of both cargoes will place a value on their products, however small or large that may seem. Should the unthinkable happen to that cargo, or indeed the ship as a whole, the cargo and ship owners will not want to be out of pocket and will want to be financially covered. What is it? Marine Insurance, the oldest form of insurance, protects shipping companies and cargo owners against the loss of a ship and/or cargo. Marine insurance helps to manage risks in the event of an...

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What is marine insurance?

As the name suggests, marine insurance applies to ships and boats – and perhaps most importantly the cargo that is carried within them. Also known as ocean insurance, it is one of the oldest types of insurance cover in the world, said to date back to the Babylonian traders of around 2000 BC. Today, it is a must have for many of Dubai’s logistics businesses. If your business owns ships or sea vessels or ships cargo by sea anywhere in the world, it is vital that you take out adequate marine insurance. Without it, you could be liable for the cost of any cargo that is lost or damaged in transit – costs which could run into the hundreds of thousands, or even millions, depending on the shipment....

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Marine insurance - Wikipedia

Marine insurance Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, ( container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead. History [ edit ] Marine insurance was the earliest well-developed kind of insurance, with origins in the Greek and Roman marine loan. it was the oldest...

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