In Marine Insurance Policy, one party (the Insurer) undertakes that if during transport of goods from one place to another, the goods are lost or damaged due to the risks mentioned in the insurance policy, to compensate for the damages and due expenses in consideration for receiving the premium from the other party (the Insured).
Marine Cargo Insurance
Transport insurance of internal, imported, exported and transit goods that are transported by land, air, sea or a combination.
- Marine Hull and Machinery Insurance
In Marine Hull and Machinery insurance the insurance company is liable for indemnifying damages to Hull & Machinery of the vessels according to the type of cover.
In some types of coverage, ¾ (three-fourth) of the responsibility due to collision and also General Average are covered. Therefore, in Vessel Insurance, the damages due to the following risks are covered.
Generally Aviation Hull Insurance covers three groups of risks.
- A – Destruction of aircraft or damage sustained by it
- B – Legal Liability against Third Parties (Non-Passengers)
- C – Legal Responsibility toward Passengers