Marine Property Insurance

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What is Marine Insurance

Marine insurance provides the necessary coverage for risks associated with the transportation of goods over water. Roughly 90% of delivered goods are being transported by sea, with more than 70% in the form of containerized cargo. Marine insurance covers a wide range of possible risks that can occur during transportation. It provides coverage for potential damage or loss of the hull, cargo, and the vessel, as well as the necessary legal protection in a case of a negligence claim by a third party. Marine Insurance can also provide coverage for both ocean and inland vessels and protect other stages of delivery directly connected to the shipment.

Who Needs Marine Insurance

Although sea transportation is an enormous part of the global economy, many risks can threaten the safe transportation of desired goods. The unpredictable nature of the ocean, as well as the number of merchant ships traveling every day, make the loss of transported goods a likely scenario.

If a company’s activity depends on selling or distributing goods overseas, it cannot function without Marine Insurance. The magnitude of imported and exported goods in the construction, manufacturing, energy and distribution industries leads to unexpected loss of desired goods, so it is necessary to have the right coverage when the inevitable need for it arises.

Marine Insurance is necessary for these businesses:

  • Import/export of goods
  • Marine contracting
  • Fishing
  • Marine transportation and other services
  • Cruising industry

Marine Insurance should also be considered by owners of yachts and other types of pleasure craft.

What Can Marine Insurance Cover

Marine Insurance provides a wide range of necessary protection for losses suffered while traveling by sea or transporting goods. Marine Insurance can be divided into two types of coverages:

Hull and Machinery (H & M) insurance, designed to protect your vessel and its machinery against unexpected damages and repair costs.

Protection and Indemnity (P & I) insurance, which covers any damages and defense costs against an affected third-party.

Ship-owners and charterers utilize Protection and Indemnity insurance, which provides the necessary coverage for damage to a third-party. An unexpected loss of cargo, damage to the health, life or property of passengers and crew members in a case of an accident, as well as damage to the environment, debris removal, and even legal fees in a case of a third-party lawsuit – all will be covered by P&I insurance.

Protection and Indemnity insurance covers:

  • Protection and Indemnity including Freight, Demurrage & Defense (FD & D)
  • Charterer’s liability insurance
  • Marine Professional Indemnity Insurance
  • Terminal operator’s liability insurance
  • Stevedores liability
  • Shipbuilders product liability
  • Bunkering companies’ liability insurance

Hull and Machinery insurance covers the harm done to a vessel. Any unforeseen damage done to your ships might have a devastating effect on your company’s activity. The proper condition of the hull and machinery must be maintained to ensure the safe transportation of freight and cargo and proper execution of other business-related activities. The damage your vessel can suffer while in transit over water can cause crippling damage in massive repair costs if you do not have proper coverage. Hull and machinery insurance can cover a single vessel or an entire fleet of ships. It also takes care of any legal liability if your vessel unintentionally collides with another ship and ends up damaging its property.

Hull and Machinery Insurance covers:

  • Hull and machinery (H & M) Insurance
  • Increased value Insurance
  • War Risks (including Terrorism)
  • Business interruption insurance (BI)
  • Builders/ Construction risks (including conversion risks)
  • Delay of delivery
  • Towing and voyage risk Insurance
  • Port risks
  • Subsea equipment insurance

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