Insurance
Insurance is a contract between two parties, the insurer and the insured, where the insurer agrees to compensate the insured for any loss or damage to their property or person in exchange for a premium. In the maritime context, insurance is crucial for shipowners, cargo owners, and other parties involved in maritime trade to protect themselves against the risks of loss or damage to their vessels, cargo, or other property. Maritime insurance can cover a wide range of risks, including damage to the ship, loss of cargo, liability for damage to third parties, and even piracy. The most common types of maritime insurance are hull and machinery insurance, protection and indemnity insurance, and cargo insurance.
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