Marine insurance covers ships, boats, and other watercraft, and the risks associated with them. This includes both personal watercraft and commercial vessels.
- Example:
Boat Insurance: If you own a recreational boat and it gets damaged in a storm or is stolen while docked at the marina, boat insurance would cover the costs of repairs or replacement. Coverage can also include liability insurance in case you are responsible for injuring someone or damaging another boat while out on the water.- Cargo Insurance: For commercial vessels, marine insurance often includes cargo insurance, which covers the loss of or damage to goods being shipped by sea, air, or land. For example, if a shipping container carrying electronics sinks due to rough weather, the cargo insurance would reimburse the shipping company for the value of the lost goods.
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