The subject matter of marine insurance.
The subject matter of marine insurance covers:
I. Cargo Insurance: The goods or cargoes shipped to a foreign country are exposed to the perils of the seas. The pirates and the men of war may loot away the goods. The marine insurance which safeguard cargoes from perils is known as cargo insurance.
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II. Hull Insurance: The word Hull refers to the body of the ship or vessel. The ship is exposed to a number of risks like cyclone, collision and arrest by foreign naval power. The insurance which protects the ship owner against the loss of ship is known as hull insurance.
III. Freight Insurance: The ship owner losses the freight when cargo pays freight at the time of shipment of goods and goods do not reach the port of destination. The ship owner guards against possible loss of freight by freight insurance.