Why get marine insurance?
This insurance covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination. Such policies can provide coverage in the event of a hurricane, accident, vandalism or theft and protects the insured from any liability incurred as a result of operating such a vessel.
Marine Insurance explained
Marine insurance is a type of insurance that provides financial protection against the loss or damage of ships, cargo, terminals, and any transport by which goods are transferred, acquired, or held between points of origin and final destination. It is one of the oldest forms of insurance, developed to support international trade and shipping.
What does it cover?
Typical coverage includes:
Coverage Types
- Hull Insurance – Covers the vessel (ship) itself against risks like collision, fire, sinking, or natural disasters.
- Cargo Insurance – Protects the goods being transported against damage or loss during transit by sea, air, or inland waterways.
- Freight Insurance – Safeguards the shipping company’s earnings if freight charges are lost due to goods not being delivered.
- Liability Insurance (Protection & Indemnity, or P&I) – Covers legal liabilities to third parties, such as injuries to crew, environmental damage, or damage to other ships.
Risks Covered
- Perils of the sea (storms, sinking, stranding, collision)
- Fire, explosion, and piracy.
- Jettison (deliberate throwing overboard of cargo to save the vessel).
- Theft and accidents during loading/unloading.
Why Choose CIB?
Access to Multiple Carriers
CIB is not tied to a single insurer – we can shop across a wide range to find policies that fit your specific needs and budget.
Tailored, Personalized Coverage
Rather than cookie-cutter policies, CIB takes time to understand your situation—whether that’s for your home, business, or auto—so coverage aligns precisely with your needs.
Advocacy and Claims Support
If you need to file a claim or resolve a dispute, CIB acts as your advocate and guide you through the process.
Expert Advice and Guidance
Our skilled and experienced team explains complex policy language in plain English and help you navigate coverage options with confidence.
Ongoing Service and Long-Term Support
This includes regular policy reviews, updates as your needs change, and responsiveness when you need help—rather than a one-time sale.