If the subject matter of insurance is the ship, the marine insurance is called:

The correct answer is Hull insurance

Key PointsMarine insurance defined—A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against marine losses, that is to say, the losses incidental to marine adventure.

Marine Cargo Insurance : covers loss of or damage to the goods carried in a vessel or aircraft, whether on domestic or international journeys.

Marine Hull Insurance : covers loss of or damage to a vessel or aircraft or its machinery or equipment

Marine Hull Insurance provides coverage for the following risks:

• Damage to the hull of the ship or vessel, including its machinery and equipment
• Damage or loss to the ship due to fire, burglary and/or theft
• Accidental damage to the ship due to earthquake, lightning, etc.
• Damage done to other boats by the insured vessel (third party liability)
• Damage to the vessel during maintenance activity
• World-wide coverage for ocean-going vessels

The subject matter of hull insurance is the vessel or ship. There are many types of designs of ships. Most of them are constructed of steel and welded and are capable of sailing on the sea in ballast in with cargo.

Additional Information

Cargo insurance is essentially a risk management tool that protects the business against financial losses due to lost or damaged cargo. It covers up to the limit of an amount insured and is different from carrier liability.
There are two types of Cargo insurance:

• Land Cargo Insurance
• Marine Cargo Insurance

Freight insurance is an agreement by which insured goods are underwritten (protected) in the event of damages caused by a risk covered in the policy. An insurance invoice is required for customs clearance only when the relevant data does not appear in the commercial invoice.

According to the Indian Marine Insurance Act 1963, a voyage policy is a type of marine insurance policy that provides coverage for losses due to unforeseen risks to cargo during a specific voyage.