Introduction There is a distinct classification of various kinds of marine insurance and various kinds of marine insurance policies because marine insurance is an encompassing and wide subject. Insurance, in general, is intended to deal with risks such as illfated accidents, loss of life, property damage, and environmental damage. Risk of losing cargo that is very valuable or risk of environmental damage owing to oil pollution and risk of losing seafarers’ lives are some of the major reasons why ships are considered to have higher risks involved in the functioning. According to the requirements and needs of the cargo or ship owner, there are different marine insurance policies available.
Types of Marine Insurance Policy 1. Hull Insurance - This insurance provides coverage for the vessel’s hull, and torso alongside all the furniture pieces and articles present in the ship. 2. Machinery Insurance - This insurance covers all the vital and crucial machinery. If there are any operational losses, the surveyor will visit the ship and claims will be reimbursed post surveyor’s approval. 3. Protection & Indemnity Insurance -This insurance covers the damages related to vessel ownership such as claims related to the crew and damagers linked with ship hiring such as claims related to the cargo.
Types of Marine Insurance Policy 4. Liability Insurance - This insurance type is provided to any liability happening due to ship colliding or crashing and due to any other provoked attacks. 5. Freight Insurance - This insurance offers protection to merchant vessels’ corporation if there is a loss of cargo due to an accident. 6. Marine Cargo Insurance -This insurance provides third-party liability that covers port damage, ship damage, or any other transportation forms of damage such as truck or rail due to the hazardous cargo transported by them.
Contact us As per your need, you can obtain any insurance policy in Victoria BC at a reasonable price, provided you choose a reputed company like Christie-Phoenix Insurance.
Call us today at - (250) 386-1454 For more information visit us at http://christiephoenix.com/.
Victoria Address:
4430 West Saanich Road ,Suite 101, Victoria, BC, V8Z 3E9 Phone: Main : (250) 386-1454 Fax: : (250) 386-0604
Vancouver Address:
#1818 - 925 West Georgia Street, Vancouver, BC V6C 3L2 Phone: Main: 1 (604) 683-1100 Fax: 1 (604) 683-1166