Marine insurance is a type of insurance policy that provides coverage against any loss or damage of ships, cargo vessels, terminals and any transport by which the property is transferred, acquired or held between the points of origin and the final destination. The protection is offered to the cargo owner along with the cover to the cargo for any loss or damage caused due to delay in the voyage, ship accident or unloading.
All the owners of the ship, who use it for commercial or transportation purposes can opt Marine Insurance Policy.