While transporting the goods from origin to destination in a business, business person incurs losses due to theft, burglary or accident for the transporting vehicle.
Marine insurance covers the loss or damage for ships, boats, cargo and any transport, by which the property is transferred or acquired.
Marine insurance is an agreement between an individual and insurance company, in which an individual pays some amount of money to the insurance company, in exchange to get the benefits for his ship, boat, or for goods when loss occurs.
While transporting goods through voyage services, goods get damaged due to terrorist activities, theft, or ship damage.
For example:
- You are transporting goods through a ship, suddenly theft occurred due to the pirates. If you are holding a marine insurance, then your marine insurance recovers the cost of goods you lost.
- If suddenly tsunami occurs, while you are transporting your goods in a ship. Due to this you may incur a loss of worth $ 450000. In such cases, if your your ship owner has the marine insurance for his ship, you get the incurred loss from your ship owner marine insurance. That means, marine insurance covers the loss of third party properties, while transporting goods.
