Marine Insurance

The subject of Marine Insurance is very wide and encompassing, which is why there is a definite categorization of various types of marine insurance and different types of marine insurance policies. As per the needs, requirements and specifications of the transporter, an appropriate type or types of marine insurance can be narrowed down and selected to be put into operation.
Any insurance is designed to manage risks in the event of unfortunate incidents like accidents, damage to the property and environment or loss of life. When it comes to Ships, the stakes are higher as all factors are involved in the operation, i.e. risk of losing valuable cargo or expansive ships, the risk of damage to the environment due to oil pollution and risk of losing precious lives of seafarers due to accidents.
We are assisting ship/yacht shipowners to choose the ideal insurance coverage as per their needs

The different types of marine insurance as follows:

Hull Insurance

Protection & Indemnity (P&I) Insurance

Machinery Insurance

Hull insurance mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture on the ship. This type of marine insurance is mostly taken out by the owner of the ship to avoid any loss to the vessel in case of any mishaps occurring.

Machinery Insurance

Protection & Indemnity (P&I) Insurance

Machinery Insurance

All the essential machinery are covered under this insurance and in case of any operational damages, claims can be compensated (post survey and approval by the surveyor).

The above two insurances also come as one under Hull & Machinery (H&M) Insurance. The H&M insurance can also be extended to cover war risk covers and strike cover (strike in port may lead to delay and increase in costs)

Protection & Indemnity (P&I) Insurance

This insurance is provided by the P&I club, which is ship owners mutual insurance covering the liabilities to the third party and risks which are not covered elsewhere in standard H & M and other policies.

Protection: Risks which are connected with ownership of the vessel. E.g. Crew related claims.

Indemnity: Risks which are related to the hiring of the ship. E.g. Cargo-related claims.