1. Hull insurance
Insurance of vessel and its equipments are included under hull insurance. There are a number of classification of vessels such as ocean steamers, sailing vessels, builders, risks, fleet policies and so on.
2. Cargo insurance
It may be written under a single risk policy or floating policies. The cargo may be of any description, for example, wares, merchandise, property, goods and so on.
3. Freight insurance
Freight is to be payable for the carriage of cargoes or if the vessel is chartered, the money to be paid for the use of the vessel. The carriage is unable to earn freight if the goods or property (called cargoes ) are not safely transported.
4. Liability insurance
The marine insurance policy may include liability hazards such as collision or running down. Insurance can also be taken for the expense involved in non-compliance of rules and regulations without any intention to deceive. It should be clear here that marine perils insurance covers not only the “ocean but also the inland perils”. The perils to be included in the policy are clearly defined and the insurer will be liable only for the insured perils.
