Financial Information
I wonder why the hull insurance business is always done under marine insurance category?
Question : I wonder why the hull insurance business is always done under marine insurance category?
Is it just because of the similarity of the risks or there are other reasons?
marine insurance
Best answer:
Answer by mbrcatz17
“Marine” coverage is mobile coverage. There is inland marine, for stuff on land, including but not limited to cargo and mobile equipment, and ocean marine, for stuff moving on water.
Hulls are mobile. It’s not the “water” implication of the word marine that makes it appropriate there, it’s the “mobile” implication. Although the water doesn’t hurt.
Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination.
Cargo insurance is a sub-branch of marine insurance, though Marine also includes Onshore and Offshore exposed property (container terminals, ports, oil platforms, pipelines); Hull; Marine Casualty; and Marine Liability.
That is the reason that Hull Insurance is always donde under marine coverage.