Types Of Marine Insurance PH

Today, many people have chosen to travel by the waterways. For some, it's a way of going on adventures. Businesses and agencies around the world use the waterways to make shipments while for some they are in the actual business of providing the vessels for the waterways. Generally, marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the destinations. Just like vehicle insurance, marine insurance is mandatory for all marine vessels that are used for commercial or transportation purposes. The following are the types of marine insurance PH.

The first type of marine insurance PH is cargo insurance. This type of marine insurance is used to ensure the cargo or goods contained in the ship and the personal belongings of the crew and passengers traveling on a commercial or transportation vessel. As such all the passengers or the owner of the cargo are covered in case there is loss or damage of the cargo in case of a ship accident or the case of delay in the voyage or unloading. One thing about cargo insurance is that it has third-party liability coverage and additionally ensures or covers damage caused to the port, ship, or other transport forms such as accidents arising from hazardous cargo.

Another type of marine insurance PH is freight insurance. This type of marine insurance is tailored to ensure merchant vessels’ corporations. As such, marine freight insurance provides cover against the loss of freight while at sea. An owner of certain cargo being transported by sea usually pays for the freight within the confines of the insurance policy, only when the cargo has been safely delivered at the port of destination. This, therefore, means that if the vessel is lost in transit or if the cargo gets damaged or stolen while in transit then the shipping company loses the freight. This is where freight insurance comes in handy.

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