Marine insurance is similar to auto insurance because it covers losses and damages to ships and other related property and machines. There are specific types of insurance that falls under marine insurance such as cargo insurance. Cargo insurance covers shipments made by and between parties as well as the carriers and transporters used for cargo. Another part of marine insurance is marine liability which is insurance provided on behalf of the marine in the event damage or an accident is caused to another party. Marine liability insurance also includes collision and wreckage. There are a number of insurance companies that offer marine insurance with flexible rates and manageable coverage. Marine insurance covers property where cargo ships and other machines are kept for usage. Should you need your marine insurance for an accident or damage to property there will be a deductible that must be paid before the insurance company can cover your costs.