Marine insurance is the insurance against loss by damage or destruction of cargo, or the means or instruments of transportation and communication whether on land, rail, sea or air. It covers the loss or damage of ships, cargo, terminals, and any transport between the points of origin and final destination. It ensures the protection against any future loss that may arise during the time of carrying goods.
Neco insurance provides fair claim to transporters against their financial loss and make them worry less about the huge loss in financial casket of the transporter. Marine insurance is very important because it is the insurance through which ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used.