Marine insurance companies are businesses that provide financial protection to individuals and businesses involved in maritime activities. They offer a range of coverage options to protect against risks associated with marine transportation, such as damage to ships and cargo, loss of life, and liability.
Marine insurance is crucial for the maritime industry, as it provides a safety net for those who rely on the sea for their livelihood. It helps to ensure that businesses can continue to operate even in the event of a loss, and it provides peace of mind to individuals who work or travel on the water. Marine insurance has a long history, dating back to the early days of maritime trade. The first known marine insurance policy was issued in Genoa, Italy, in the 14th century.