This a blanket term used to describe any policy that covers the loss or damage of ship ,cargo, terminals , any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination, crafts, goods relating to the water. Though this can include pleasure craft such as yachts and personal water-craft, it most commonly refers to the insuring of vessels and inventories engaged in the shipping business. You would buy a marine insurance policy to protect your goods as they are shipped from one country to another over a water route.

Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as “Hull and Machinery” (H&M) also it can include: Onshore and Offshore exposed property (container terminals, ports, oil platforms, and pipelines), Hull, Cargo, Marine Casualty, and Marine Liability. Sentry Insurance only covers Cargo and Hull.

This insurance covers losses that occur while goods shipped via waterways are in transit. Warehouse to warehouse coverage is the norm with this type of insurance, assuring the owner of the goods that all transit points are covered by the policy. Cover may be on either a “voyage” or “time” basis. The “voyage” basis covers transit between the ports set out in the policy; the “time” basis covers a period of time, typically one year.

Physical loss or damage covers for all types of vessels. The scope, basis and extensions of cover provided are adapted to suit individual client’s requirements.