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Marine insurance provides essential coverage for risks associated with the transportation of goods over water. Approximately 90% of global trade relies on sea transport, with more than 70% of goods shipped as containerized cargo.
Marine insurance covers a wide range of risks that may arise during transportation. It provides coverage for potential damage or loss of the hull, cargo, and vessel, as well as legal protection in the event of a negligence claim by a third party. Additionally, marine insurance can cover both ocean and inland vessels and extend protection to other stages of delivery directly connected to the shipment.
Although sea transportation plays a crucial role in the global economy, numerous risks can threaten the safe delivery of goods. The unpredictable nature of the ocean, combined with the vast number of merchant ships operating daily, increases the likelihood of cargo loss.
If a company’s operations rely on selling or distributing goods overseas, it cannot function without marine insurance. The large volume of imported and exported goods in industries such as construction, manufacturing, energy, and distribution makes unexpected losses inevitable. Having the right coverage is essential when the need arises.
Marine insurance is essential for businesses in the following industries:
Marine Insurance should also be considered by owners of yachts and other types of pleasure craft.
Marine insurance provides comprehensive protection against losses incurred while traveling by sea or transporting goods. It can be divided into two main types of coverage:
Hull and Machinery (H&M) insurance, which protects vessels and their machinery against unexpected damages and repair costs.
Protection and Indemnity (P&I) insurance, which covers damages and legal defense costs related to third-party claims.
Shipowners and charterers rely on Protection and Indemnity insurance to cover liabilities involving third parties. P&I insurance provides coverage for unexpected cargo loss, injuries or fatalities of passengers and crew members in an accident, property damage, environmental damage, debris removal, and legal fees in the event of a third-party lawsuit.
Protection and Indemnity insurance covers:
Hull and Machinery (H&M) insurance covers damage to a vessel. Any unforeseen damage to your ships can have a devastating impact on your company’s operations. Maintaining the proper condition of the hull and machinery is essential to ensuring the safe transportation of freight and cargo, as well as the smooth execution of other business-related activities.
Damage sustained by a vessel while in transit over water can result in massive repair costs, which can be financially crippling without adequate coverage. Hull and Machinery insurance can cover a single vessel or an entire fleet of ships. Additionally, it provides legal liability coverage if your vessel unintentionally collides with another ship and causes property damage.
Hull and Machinery insurance covers:
Most relevant news of the Rinkos Insurance Solutions
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels.
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Rinkos Insurance Solutions is a licensed insurance broker regulated by the Bank of Lithuania (License No. 0060). For additional legal information please visit the Terms and Conditions section.
