Is Insurance a charity?

Many people have a vague knowledge about insurance and its function. The general public considers insurance as an organization that provides compensation in the form of charity. As a matter of fact, it is a business that bears the risk of loss or damage that may occur in somewhere near future .However it has become imperative to acquaint the individuals about the traits and norms of insurance. Furthermore, it is a professional business which collects premium for the purpose of securing and escorting the society as it guarantees the payment for the destruction and loss of goods and property. A charity provides fund without any consideration but insurance cant compensate without any premium collection.

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Marine Insurance Policy

Marine insurance is a sort of insurance provides coverage for boats and ships, along with their cargo.  Basically, Marine cargo insurance secures risk coverage for any sort of goods the boat is transporting. Whatsoever, Inland marine insurance provides security for normally fluctuating  vessels which are not surrounded by the ocean, but float mainly on lakes, rivers and ponds. However, besides this many other heading falls under Marine insurance so as third party liability for damages to other moving and non-moving objects and vehicles. Marine insurance also shares the burden of risk of the insured boat itself long with its passengers. As a matter of fact, the Marine Insurance policy resembles a scheme that is related to the losses, destruction and damages carried by a ship while transporting the goods towards its final destination.However, the marine insurance is classified into categories which is listed as:

• Hull insurance 

• Cargo insurance 

• Freight insurance

• Liability Insurance

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