Marine Insurance

Marine Liability Insurance
Shipowners, cargo owners and others working within the shipping industry are all exposed to a number of different liabilities or responsibilities whether imposed by law, or voluntarily assumed under the terms of a contract. Those liabilities, particularly those imposed by law can vary depending in which country and under which laws the liability is being measured and hence the insurance to cover such liabilities has to be able to respond accordingly (or at least exclude those items that the insurer does not want to cover!).
Many of the liabilities faced within the shipping business are broadly the same as those faced by non marine businesses such as injuries to employees or visitors, faulty products, or faulty work or advice given by a professional.

Pleasure Craft
•    Dingy
•    Rib
•    Lake Boat
•    Rowing sculls
•    Speed Boat
•    Yacht

Hull & Machinery
Hull and Machinery insurance usually covers loss or damage caused by major named perils such as collision, grounding, fire and explosion, earthquakes (and the tidal waves that might follow them), as well as general perils of the sea, lakes or rivers – which must be shown to be extraordinary in nature rather than just the fact that the sea was a bit rough that day! Some Hull and Machinery policies also cover loss caused by piracy which is quite an important issue currently, with the situation in various parts of the world such as the coasts of East and West Africa as well as parts of South East Asia.

This type of policy also covers loss or damage to the vessel caused by accidents in moving cargo or fuel around (such as capsizing (tipping over) the ship), or arising because a piece of machinery has broken, or a boiler has burst. Negligence by the crew, or a repairer, is also covered. However there is a requirement for the Assured to exercise something known as due diligence, which means that if there is engine type damage, insurers will be looking for examples to make sure that the regular maintenance was up to date and undertaken properly, or that the crew have been trained properly.

Marine Cargo
Provides coverage for goods in transit for manufacturers, importers and exporters, commodity traders, logistics companies and more.

Marine Cargo traditionally covers the transportation of goods in a recognisable form of transportation, but a marine cargo underwriter may also underwrite a number of other types of risk which on first glance do not appear to be linked; such as satellite pre-launch (which is the transportation of the satellite from factory to Launchpad), stock throughput (which combines a transit risk with a static storage risk), project cargo (which combines a transit risk with a loss of profits type policy that responds to penalties imposed for items not arriving on site in time – for example for a large construction project) and jewellers block/fine art which covers manufacturing, exhibiting and retailing type risks.

Extensions
•    Warehouse
•    Storage
•    Exhibition