This policy provides indemnity for loss or damage to the insured hull or cargo and could be further divided to as stated below:
- Marine Hull Insurance Policy: Hull insurance is an insurance policy especially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Hull insurance also includes any fixtures attached to the hull of the ship as a functional part, into the definition of hull. Since the policy mostly applies to water going vessels, it is more popularly called Marine Hull Insurance, and is a part of marine insurance. It covers destruction of hull, damage to machinery, disbursement losses, ship-breaking losses, fittings and freight. It also cover third party liability such as cover for losses or damages caused by your vessels to other ships or boats, or injury to the ship workers.
- Marine Cargo Insurance Policy: The policy insured here is to provide indemnity for loss or damaged goods being conveyed by sea or air. The all-risk type of cover known as Clauses ‘A’ provides indemnity to the insured in the event of total or partial loss to the goods while the restricted cover known as Clauses ‘C’ would provide indemnity in the event of total loss only.