The Best Maritime Insurance Companies
In this Article we’ll discuss
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Importance of Marine insurance
Marine Insurance 101:
Maritime insurance known as marine
insurance is a type of insurance that is specified for the business related
with cargo shipping through waters. This insurance covers multiple liabilities that ensure
protection for damages to ship-owners, Operator and Staff and other financial
damages.
Marine Insurance is specially
designed to deal with the following liabilities in maritime business;
1. Collision Liability
This liability is targeted to cover
the damages by your ship to other ship.
2. Pollution Liability
In this liability environment pollution is dealt by the
marine insurance companies.
3. Crew Liability
This liability is related with compensations to crew of the
maritime business against their illness or other damages.
4. Passenger Liability
This Liability of Marine insurance covers compensation
against damages to passengers on vessels.
5. Third Party Property Damages
Liability
This sort of Marine insurance covers damages occurred due to
insured ship collision with harbor or docks.
Maritime Insurance types
Marine
Insurance deals in different type with their own specified coverage options.
There are several marine insurance kinds as following;
1. Machinery Insurance
In this type of Maritime insurance covers
all damages to machine/vessel/ship happened due to weather, Collision or fire
on ship. It means that this covers all damages to machinery system of vessel.
2. Cargo Insurance:
Cargo insurance is specially designed
and aimed to cover damages loss to good being transported through ships. This
type of insurance is most common type of insurance under the heading of Marine
insurance.
3. Freight Insurance
Under this heading the Freight forwarders
ensure that they get compensated in case the freight reaches in damaged or
broken condition during transportation of freight. The major compensation in this
insurance is non-payment of freight charges.
4. Liability Insurance
This type of insurance covers all
damages in the sort of liabilities mentioned above. As mentioned above
Liabilities are related with compensation by insured marine to others in case
of damages occurred due to collision.
5. Protection and Indemnity Insurance (P&I
Insurance)
This type of Insurance is another specialized
type of insurance that covers all coverages by other types of insurance. This
is essential type of insurance for the freight/cargo transportation businesses
owners as international courier’s services.
6. Builder’s Risk Insurance
This type of insurance is designed
for ship builder companies. This covers all damages and losses during the
construction of ships.
7. War Risk Insurance
As the name reflects about this type
that this shall cover the marine serving business for any physical damages
caused in result of any war or Assault attack by terrorists. This insurance
type is important for international Marine business.
Importance of Maritime Insurance
As we’ve discussed above about marine insurance, its inclusive Liabilities and its types, we can now understand the importance of marine insurance. This insurance is specially designed to cover all related but unseen damages related with maritime business.
In this era of risks and international relational heat we can foresee the expected damages. There are many risks involved in the business of maritime as following;
- Cargo Damage
- Ship Damage
- Environmental Risks
- Legal Liabilities
- Third-Party Liabilities
Top
Maritime Insurance Companies
After understanding of marine insurance, its liabilities,
types and importance we are going to share with you some best Marine insurance
companies, However there is a large number of companies that offer this
insurance but we’ve selected these following for your easy access.
Let’s have a look;
- Allianz Global Corporate & Specialty (AGCS)
AGCS is a multinational and #1 Insurance company that provide multiple insurance options for almost all types of businesses. Allianz is serving in 70 different countries with great trust score by its customers.
Allianz is best as it has positive rating by its customers and its specialty is it’s easy to approach services.
You can visit Allianz official website here - AXA XL
AXA XL is another best ranking insurance company that offer wide range of coverages. This insurer has a large number of customers that praise its services and easily accessible behavior. It also offers re-Insurance services for its customer.
For further details you can visit Official Website - Chubb Marine Insurance
Chubb is an amazing marine insurance company that specially deals with marine matter. It offer the best coverages for marine cargo and hull insurance. This Insurance Company has comprehensive coverage options for Marine cargo transporters.
For further details you can official Website - American International Group (AIG)
AIG is another trust worthy insurance group that offers individual and business insurance packages. The special thing of AIG is its devoted team that make the approach easy with their cooperative behavior.
For Further details you can visit Official Website - Travelers Marine Insurance
If you are looking for specially dealing with marine insurance company then your search must end here after you see its packages and offers. This insurer offers budget friendly marine insurance policies.
For further details visit Official Website
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