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Cargo insurance – Cargo insurance covers the interest of shippers, consignees, distributors, and others in goods and merchandise shipped primarily by water or, if in foreign trade, also by air. Most cargo insurance involves foreign trade across oceans, but the cargo may also be transported within a nation or between nations on inland waterways.
Hull and Machinery( H & M) insurance – H & M insurance protects ship-owners and others with an interest in vessels, and the like against the expenses that might be incurred in repairing or replacing such property if it is damaged, destroyed, or lost due to a covered peril. Usually, hull insurance on pleasure craft and tugs and barges, is provided as part of a package policy providing both property and liability coverage.
The difference is in the interest insured. marine hull cover include hull and machinery of the vessel and the third party liability.In calculations of the premium in respect to the marine hull we consider the age of the vessel.
Marine cargo cover the goods carried in a vessel from the country (place) of origin to the final destination. In the calculations of the premium in respect to the marine cargo we consider the level of cover and distance that cargo travels