What type of Ocean Marine insurance covers shipping costs while goods are in transit over water?

Cargo insurance safeguards the goods being transported over water but does not specifically cover the shipping costs associated with their transit. Instead, it focuses on protecting the value of the cargo itself against risks such as loss or damage. Therefore, while cargo insurance is crucial for protecting merchandise, it does not address the shipping expenses incurred.

Hull insurance protects the physical vessel itself against damage or loss, covering repairs or replacement costs for the ship. While this type of insurance is vital for shipowners, it does not apply to the shipping costs associated with the goods being transported. Hull insurance focuses solely on the maritime vessel rather than the cargo or freight expenses.

Protection and Indemnity (P&I) insurance provides liability coverage for shipowners against claims made by third parties, such as crew members or environmental damage. While important for legal and liability concerns in maritime operations, it does not cover shipping costs for goods in transit, making it unrelated to the question.