Types of Specialist Policies in Marine Insurance

Basically, there are several different types of insurance policies can be taken by a boat owner. Marine cargo insurance covers the entire goods that a boat is carrying. Inland marine insurance can be procured for floating vessels that are not ocean-bound, but travel primarily on lakes, rivers and reservoirs. In addition, you can take several other general policies that cover the boat itself and its passengers, liability for damages to other moving vehicles and liability during an encounter with a non-moving object. These all different varieties come under the heading of a marine insurance policy.

A private ship owner who uses his large boat for pleasure cruising in a marina may wish to take out inland marine insurance, as well as specialty yacht insurance. A merchant ship sailing in politically unsure waters may find it necessary to take out cargo insurance as well as a specific war policy that protects the boat and goods in the event of unfriendly actions.