Marine insurance is beneficial for various parties involved in maritime trade and transportation. This includes shipowners, cargo owners, freight forwarders, importers, exporters, and other entities with an insurable interest in the marine transit.

Marine insurance typically covers risks and losses related to the transportation of goods by sea. This includes coverage for damage, loss, theft, or destruction of cargo, damage to the vessel, collision liability, general average contributions, and other perils as specified in the policy.

There are different types of marine insurance policies. Cargo insurance covers the goods being transported, hull insurance covers the vessel itself, liability insurance provides protection against third-party claims, and freight insurance covers financial losses related to the non-delivery or delay of cargo.

Marine insurance premiums are determined based on various factors, including the type and value of the insured property, the nature of the cargo, the route, the perceived level of risk, and the insurer's underwriting criteria. The premiums may also depend on deductibles, limits of liability, and other policy-specific factors.

General average is a principle in marine insurance and maritime law where all parties involved in a maritime adventure contribute proportionally to cover the losses incurred for the common safety of the voyage. It is a means to share the burden of losses among shipowners, cargo owners, and insurers in cases of deliberate sacrifices or extraordinary expenses made to protect the voyage.

In the event of a covered loss, the insured party must notify the insurer and submit a claim with supporting documentation. The insurer will evaluate the claim, investigate the circumstances of the loss, and determine the extent of coverage as per the policy terms. Once the claim is approved, the insurer will provide the agreed-upon compensation to the insured party.

While marine insurance primarily covers risks associated with maritime transportation, there are extensions and policies available to cover international shipments by air or land. These policies, known as cargo or transit insurance, provide coverage for goods transported via different modes of transportation.

Marine insurance is not universally mandatory. However, certain countries or international trade practices may require specific types of marine insurance, such as liability insurance for vessel operators or cargo insurance for international trade contracts. Additionally, lenders or financial institutions may require marine insurance coverage for financed vessels or cargoes.

Marine insurance can be obtained through insurance brokers, agents, or directly from insurance companies. It is advisable to work with professionals experienced in marine insurance to assess your specific needs, compare policy options, and obtain suitable coverage.