Marine Insurance

This cover is very similar to the Goods-in-Transit insurance earlier explained.  The major difference being that, whilst the Good-in Transit insurance provides for loss or damage to goods whilst in transit via the Road and Rail mode of transportation, the Marine Cargo insurance provide for loss or damage via the Sea and Air mode of transportation.

P&I insurance is a liability coverage for vessel owners, providing covers for  loss of life, injury and illness of crewmembers, passengers, and other third parties, damage to cargo on board the vessel, damage to other floating objects not caused by collision, wreck removal costs, collision liability, damage to fixed objects, repatriation expense, damage to any other property, fines and penalties, costs of resisting mutiny or misconduct, quarantine expenses, putting in costs, cargo’s proportion of general average, and defense costs.