What is ‘marine insurance’ primarily used for?

Marine insurance is primarily used to cover loss or damage to ships and cargo during transit. This type of insurance is essential in the shipping and transportation industries because it protects against various risks that could occur while goods are being transported over water. These risks include capsizing, sinking, collisions, and damage from severe weather conditions.

Marine insurance specifically addresses the unique challenges associated with transporting goods via water, which is distinct from other forms of insurance that may cover property or liability in different contexts. The coverage can extend not only to the vessel itself but also to the cargo being transported.

Other options refer to different types of insurance. Livestock insurance focuses on the health and safety of animals, theft protection pertains to personal property in a different context, and real estate investments are typically covered by property insurance. These areas do not fall under the marine insurance category, which is solely focused on maritime activities and the associated risks involved in those activities.