Marine Insurance Services refer to the range of insurance solutions designed to protect ships, cargo, freight, and other maritime-related assets from financial losses due to risks encountered during transportation over sea, land, or air. These services are provided by insurance companies, brokers, and financial institutions to ensure the safety of goods and vessels in domestic and international trade.
In the Philippines, marine insurance services typically include:

• Cargo Insurance – Covers goods against loss or damage during transit due to accidents, theft, fire, or natural disasters.
• Hull and Machinery Insurance – Protects ships, boats, and other vessels from physical damage or operational risks.
• Marine Liability Insurance – Provides coverage for legal liabilities arising from damage to third-party vessels, cargo, or injuries.
• Freight Insurance – Covers financial losses if a shipment is lost or damaged, affecting transportation payments.

These services help importers, exporters, shipping companies, freight forwarders, and logistics providers minimize financial risks and ensure compliance with trade regulations. Marine insurance services in the Philippines are regulated by the Insurance Commission (IC) and play a crucial role in securing investments in global and domestic trade.