Marine insurance - Insurance for Marine South Africa

Marine insurance covers more than just businesses in the marine industry, but also covers their clients. For example, a comprehensive marine insurance policy covers the ship as well as the cargo being transported at any point on the journey to its destination. Marine insurance covers ships for hull damage, sinking, fire and explosion as well as cargo for the same perils and theft.

There are various types of marine insurance. The type of cover needed depends usually on the vessel and the uses of that vessel. Boats used for recreational purposes are usually covered under a watercraft insurance policy, unless they’re of a particularly high value such as yachts, which get there own policy.

Cargo insurance may included in a marine insurance policy, which, as stated, covers the cargo on the vessel. War cover covers the damages a vessel may suffer should it sail into war-torn territories, but this may require a specialist insurance company to cover. Other insurance companies may stipulate certain high risk areas (such as the coast of Somalia) as exclusions to cover.