Marine and Aviation Insurance

Marine insurance provides coverage for risks associated with the transportation of goods or cargo by sea.

Coverage Scope

Cargo Insurance: Marine insurance provides coverage for the loss or damage of goods and merchandise while in transit by sea, air, or land. It protects against risks such as sinking, collision, theft, and damage during loading and unloading.

Hull Insurance: This type of coverage is for the physical damage or loss of the vessel itself, including ships, boats, and other watercraft. It covers perils like collisions, grounding, and natural disasters.

Marine Liability: Marine insurance can also include liability coverage for shipowners and operators, protecting them from claims arising from third-party injuries, property damage, or pollution incidents.

Protection and Indemnity (P&I): P&I insurance is a form of marine liability coverage that specifically addresses liabilities related to the operation of ships, including claims by crew members and passengers.

Aviation Insurance

Hull Insurance: Aviation insurance covers the physical damage or loss of aircraft, including airplanes and helicopters. It protects against risks such as crashes, accidents, fire, and theft.

Liability Insurance: This type of coverage is crucial for aircraft owners and operators. It protects against claims for bodily injury, property damage, and legal expenses resulting from aviation accidents.

Passenger Liability: Aviation insurance may include coverage for bodily injury and death of passengers on board the insured aircraft.

Cargo Insurance: Similar to marine insurance, aviation insurance can provide coverage for the loss or damage of cargo during air transit.

Both marine and aviation insurance are essential for businesses and individuals operating in these industries, as they provide crucial financial protection against the unique risks associated with maritime and aviation activities. These insurance types help mitigate financial losses, ensure compliance with regulations, and support the safe and efficient operation of vessels and aircraft.

Koru Korner

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