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ZIMSEC O Level Commerce Notes: Insurance: Marine Insurance

Marine insurance

  • Covers against losses occurring at sea.

Cargo insurance

  • Covers against loss of goods transported by sea or goods transported by ships at sea.
  • Covers against damages or loss of goods during transportation.
  • Can be voyage policy ie. Cargo is insured for a particular journey or
  • It can be open: giving cover for goods worth a stated value or amount.

Hull insurance

  • Covers damage to a ship itself, fixtures or machinery and other ships.
  • Fleet insurance covers a number of ships under one policy.
  • Voyage policy covers a ship for a particular journey.
  • Time policy covers a ship or a fleet for a specific period.

Freight insurance

  • Is taken out by the shipping company where freight charges have not been prepaid.
  • Covers non-payment of transport costs by the shipper to the ship owner.


  • Covers damage due to collision with other vessels:
  • claims by injured crew and passengers.
  • Pollution of beaches.
  • Damage caused to docks.

To access more topics go to the Commerce Notes page.