Maritime Insurance
Key characteristics
- Ship insurance through Casco
- Goods insurance through Cargo
- Multiple options
Maritime insurance offers financial compensation for damage, destruction or losses caused by navigation at sea, but most insurers in Romania include in this policy river and inland waterway vessels.
Find out more about Maritime Insurance in the rows below.
Destine Broker can help you identify the right maritime insurance solution for:
- ship protection
- installations
- equipment and machinery of the ship under construction or repair
- equipment installed by subcontractors
Policy types for maritime insurance
Depending on the insured property, the maritime insurance is structured in two categories, considering that, as a rule, the owner of the boat and the owner of the transported goods are not the same person.
Thus, for the insurance of ships there is a Casco type policy, and for the transported goods, a Cargo type policy.
To better understand this type of maritime insurance, we invite you to schedule a meeting with a Destine Broker consultant here.
This insurance secures the ship and equipment (often referred to as “Hull and Machinery”).
Similar to the Casco policy for motor vehicles, it is a maritime insurance designed for all types of ships operating in seas, lakes, or rivers. It suits all categories of operators, including shipowners, transporters, fishing boat owners, cruise ships, yachts, jets, and landings.
The policy mainly covers general damage, hull or equipment destruction, collision responsibility, and potential contributions to ship rescue expenses. Additionally, it can cover the inventory of fixed and current assets.
Depending on the insured property, the maritime insurance is structured in two categories, considering that, as a rule, the owner of the boat and the owner of the transported goods are not the same person.
Thus, for the insurance of ships there is a Casco type policy, and for the transported goods, a Cargo type policy.
This insurance secures the ship and equipment (often referred to as “Hull and Machinery”). Similar to the Casco policy for motor vehicles, it is a maritime insurance designed for all types of ships operating in seas, lakes, or rivers. It suits all categories of operators, including shipowners, transporters, fishing boat owners, cruise ships, yachts, jets, and landings. The policy mainly covers general damage, hull or equipment destruction, collision responsibility, and potential contributions to ship rescue expenses. Additionally, it can cover the inventory of fixed and current assets.
Ship maritime insurance – “Hull” (Casco) is divided into two categories:
1. Insurance of river and sea commercial vessels, fishing vessels and collectors, as well as other boats, installations and floating equipment assimilated to vessels
2. The insurance for recreational boats
It ensures the goods transported by a ship.
Freight is the amount paid for transporting goods, the tariff or rent for the ship.
The insurance protects ships of any type under construction at shipyards. It provides “All Risks” coverage for total or partial damage occurring during the insured period, including latent defects and defective ship design. However, it does not cover costs related to the distribution, replacement, modification, or renewal of defective parts.
Its purpose is to provide:
- Liability of port operators
- Damage to property (buildings and various other constructions – dams, etc.)
- Handling equipment (cranes, including quays, port equipment, etc.)
- Interruption of activity
The insurance assumes responsibility for the repair activities of ships in shipyards.
