Marine insurance is one of the earliest developed forms of insurance and is vital to the Shipowners, Charterers, Cargo Owners, Importers, Exporters, and all other entities engaged in the movement of goods by air, sea, road, or post. This type of insurance policy covers the loss or damages caused to marine cargo during transit. Specifically, comprehensive protection is offered to the cargo owner along with the cover to the cargo for any loss or damage caused due to perils of the sea, fire, theft, pilferage, accidental damage, delay in the voyage, ship accident, unloading malicious damage and other such hazards.