GLOSSARY

Maritime Insurance

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

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What is Maritime Insurance?

Maritime Insurance, also known as ocean marine insurance, is a type of insurance that covers the loss or damage to ships, cargo, and other property that’s transported by water. It can also cover the liability of the shipowner for damage caused to third parties.

Marine insurance is a complex and specialized field, and there are many types of coverage available. Some of the most common types of maritime insurance include:

Hull insurance: Covers the physical loss or damage to the ship itself.
Cargo insurance: Covers the loss or damage to cargo that’s being transported by sea.
Freight insurance: Covers the loss of freight charges that are due to the loss or damage to cargo.
Protection and indemnity (P&I) insurance: Covers the liability of the shipowner for damage caused to third parties.

Despite the relative safety of shipments traveling by sea, accidents do happen. The best way for importers to financially protect themselves against lost or damaged cargo during the shipping process is to ensure proper coverage through maritime cargo insurance providers.

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