Hull & Machinery insurance
Hull insurance covers physical loss of or damage to the vessel itself, including its machinery, subject to the policy conditions. It is bought by the vessel owner or operator.
Marine cargo insurance
Cargo insurance covers goods in transit by sea, air, road or rail. Who arranges it depends on the terms of sale agreed between buyer and seller, commonly expressed through Incoterms.
Why the distinction matters
The parties, insured interests and claim processes are different. Businesses that both own vessels and move goods may need both covers, along with suitable marine liability cover.
This article provides general information only and is not advice on any specific policy or risk. Insurance is subject to terms, conditions, exclusions and applicable regulations.