• DEFINITION
  • DIVISIONS OF MARINE INSURANCE
  • PERILS COVERED
  • MARINE PROTECTION AND INDEMNITY INSURANCE​

Definition:

Marine Insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses that is to say, losses incident to a marine adventure.

Divisions of Marine Insurance:

  • Hull Insurance - insurance on the hull and machinery of a vessel, including collision liability
  • Cargo Insurance - insurance on cargo carried in vessel (presently) extended to cover cargo carried by air and/or land)
  • Freight Insurance - insurance on money payable for the carriage of cargo or for hire of a vessel

Perils covered:

  • “Perils of the Seas” including stranding, sinking, fire, collision, contact, rovers, thieves, jettison, barratry
  • Special Perils including theft, pilferage, non-delivery, fresh water damage, leakage, breakage, sweat damage, mold damage, and hook damage
  • “War Perils” including war, civil war insurrection, or civil strife arising there form; capture, seizure, arrest, restrains or detainment
  • “Strikes Perils” including strikers, locked-out workmen, or persons taking part in labor disturbances, riots, civil commotions; any terrorist or any person acting from a political motive; confiscation or expropriation.

Marine Protection and Indemnity Insurance.

Marine Protection and Indemnity Insurance covers legal liability of the insured for loss, damage, or expense incident to ownership, operation, chartering, maintenance, use, repair, or construction of any vessel, craft, or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person.