Why is important to get Marine insurance?
Marine cargo Insurance is the insurance of property as it moves from place to place. Many transits, particularly international ones require two or more types of transport and the Act makes provision for them.
Whilst the word ‘marine’ conjures up the sea transits, marine insurance depart-ments insure property conveyed by aircraft and road and rail vehicles as well. Under the Marine Insurance Act 1906 (MIA), in its opening sections, it will refers to ‘marine losses’ and to the ‘marine adventure’ and to ‘maritime perils’, and whilst he Act does not specifically mention air travel nor pure land-based transits, it is usual to see a clause in the policy document confirming its authority in all circum-stances involving all modes of transit.
So, marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the nav-igation of the sea or air and subsequent land and inland waterways.
‘Maritime perils’ means perils consequent on or incidental to the carriage of prop-erty by sea. It includes perils of the sea (sinking, stranding, collision etc.), fire, war perils, pirates, thieves, capture, jettison and washing overboard and ‘…any other perils either of a like kind or which may be designated by the policy.’ This last sentence allows insurers to include at their discretion in their policies other risks, for example risks appropriate to other means of transport, like crashing, derailment and overturning