Concretely defined in Section 92 of the Insurance Act of the Philippines, marine insurance in the country pertains to the “insurance against risks connected with navigation, to which a ship, cargo, freightage, profits, or other insurable interest in movable property, may be exposed during a certain voyage or a fixed period of time”.
Aiding assured safety of trade, this covers the insured’s properties and merchandise while being transported.
The transport can be by sea, while some companies offer Marine/Cargo, which insures items transported also via land, or air. Types can range from inland marine (transportation of goods through Philippine railways), inter-island (by sea craft), import (items for entry from other countries to the Philippines), and export (items for transport from the Philippines to other countries).
Perils may include natural disasters, explosions, piracy, and collision. Selected Philippine companies offer coverage upon collision, covering vessel equipment and mechanism.
The Philippine Insurers and Reinsurers Association (PIRA) has renowned members offering Marine Insurance for cargo shipments. Should be interested, check the list of association members for full details.