Wondering what is marine insurance and why is it important? The fact is that any international business has numerous risks associated. Especially, importing and exporting of goods can expose you to immense economic losses, in case; the international shipments are damaged or smashed in shipment. Thus, for the protection and safekeeping of your cargo and for the fast retort and competent service for handling your claims, you need marine policy cover.

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I dont know but marine i.e. sea!! so while traveling through ship!! insurance !! may be!!

Marine insurance is a type of insurance that covers boats and ships, as well as their cargo and in some instances the places where the boat or ship is docked. It has a colorful history, beginning informally in England during the 17th century. In 1906, the Marine Insurance Act was passed under British law, creating a standard operating procedure for policies that dictates the world's policies to this day. The standards set forth by the act are considered reasonable, but due to changes in technology and social standards, the act is generally seen as obsolete and is being replaced by more modern legislature.

There are several varieties of insurance that can be taken out by a boat or ship owner. Marine cargo insurance covers whatever goods the boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. There are also more general policies that cover the boat itself and its passengers, liab ...more