The importance of marine insurance

In today’s commercial age, marine insurance has become one of the most necessary and fundamental types of insurance within the insurance industry. Marine insurance comes in a range of varieties to accommodate for the many different types and sizes of vessel available. Thus when obtaining marine insurance, it is fundamental to find the correct type of coverage to protect your vessel.

Features of marine insurance

Regardless of the size or type of vessel you may have, it is indispensable to ensure that you obtain marine insurance for your vessel.  This is to ensure that you provide both yourself, your passengers/crew and your vessel with the right amount of coverage and protection in the event that something goes wrong. It is also fundamental to obtain the relevant type of insurance for your vessel’s needs.

Marine insurance is important as it protects your vessel from damage upon exposure to a broad range of risks, such as accident of the vehicle carrying the cargo, failure in the dock or port area and any damage incurred at sea. If you are planning to visit unfamiliar or international waters then all accidents and damages will be subjected to the laws and regulations of that jurisdiction.

Without insurance, vessel owners will be subjected to a wide range of financial risks that they will not be protected from. For example, if an accident occurred at sea that resulted in complete wreckage, the damage and any clearance operations will have to be removed at your own expense. This could end up being extremely costly, meaning that you may end up losing more than you can afford.