Marine Insurance

Basically, Marine insurance is split between the vessels/ship and the cargo. Insurance of the vessels is generally known as Marine Hull or technically referred to as Hull and Machinery" (H&M), whilst the insurance of the cargo or consignment is known as Marine cargo.


Marine Cargo Insurance is concerned primarily with international commerce which involves import or export of goods or commodities. It is basically the movement of goods from one country to another. This insurance covers risks of loss or damage to the subject matter insured during the shipping process. Marine shipment is mainly in two ways, namely Air or Sea freight (and inland transit) usually initiated from the warehouse or seaport of the supplying country to the warehouse or seaport of the buyer at the destination country. A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured in a manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure. (M.I.A. 1906)

The Sea and Air cargo policies automatically cover goods shipped by ocean or air respectively. However, depending on the terms of sale, there are basically three (3) types of cover to be granted are: 


Marine Hull is concerned with the vessels e.g. (ship/boat or plane) the engine or machinery, the third party and crew/passenger liabilities. However, the liability aspects can be insured separately handled or even with another insurer.

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