Hull insurance is one of the main types of marine insurance policies available in the marketplace. It covers a broad range of damages on a vessel's hull, machinery, and equipment, which in turn gives the vessel owner a level of confidence and security in operating their yacht/ship on international waters.
Hull and Machinery Insurance is a type of ocean marine insurance, which protects the insured vessel or fleet against physical damage caused by a peril of the sea or other covered perils while the vessel is in transit over water.
Freight Insurance: Freight insurance offers and provides protection to merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship meeting with an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.