This is one of the Oldest form of insurance that provides cover for loss or
damage to vessels and or its consignments whilst on voyage and or at
berth, in the course of moving from one destination to the other. There
are principally two types of covers available:

Marine Hull: this provide cover for the vessel itself and has
ranges of protection scope therein;
Marine Cargo: This is specific cover for the consignment
otherwise known as cargo and it has three subcovers –
Clause A (All Risk Cover) that is designed to provide cover for
loss or damage from the warehouse to the port of loading,
whilst on voyage to unloading at the port of discharge and
inclusive of inland risk to insured insured’s warehouse.

Premium Rate: 0.25%-0.55%

Clause B (Average cover)

Clause C (free of particular average) is arranged to provide
cover for loss or damage to consignment from the port of
loading to the port of discharge

Premium Rate: 0.20%- 0.35%