Transportation insurance

 This is the age of commerce there are many multinational industries in the world. Which produce goods for the customers in the world wide market nowadays, business firms ship billions of dollars of goods each year. These goods are exposed to damage from numerous transportation perils.

     Ocean marine insurance: when goods are transportation on sea they are covered by Ocean marine insurance. All types of Ocean going vessels and their cargo can be insured by Ocean marine insurance. In this way the liability of ship owners as well as cargo owners can be legally insured under Ocean marine insurance is one of the oldest forms of insurance Ocean marine insurance policies are incredibly complex reflecting basic marine law,trade,customs,and court interpretations of the various policy provisions.

Ocean marine insurance can be divided into four basic classes as given below:

A. Hull insurance: this insurance covers physical damage to the ship or vessel it is more like a collision insurance that covers physical damage to an automobile caused by a collision

B.cargo insurance:  cargo insurance covers the shipper of the goods if the goods are damaged or lost. The policy can be written to cover a single shipment. If regular shipments made an open cargo policy can be used that insures the goods automatically when a shipment is made.

C. protection and indemnity insurance: it provides comprehensive liability insurance for property damage or bodily injury to third parties. P&I insurance protect the ship owner for damage caused by the ship to piers, docks and harbor blueprinting, damage to the ship’s cargo. In addition it also provides indemnity for illness or injury to the passengers or crew and fines

D. freight insurance: freight insurance is designed to indemnify the ship owner for the loss of earning if the goods damage or lost