Marine insurance is financial cover for loss or damage to ships, watercraft,
cargo and most types of property through which marine cargo passes from point of
origin to destination. Marine insurance is the oldest form of insurance out of which
grew other forms of insurance. These days it is often grouped other forms of cargo
insurance like aviation & transit insurance.
There are a variety of specialist marine insurance policies available:
New-building Insurance
This provides cover against damages to the ship’s hull while being constructed.
Yacht Insurance
This type of insurance is applicable to smaller seagoing vessels like pleasure craft
and fishing boats.
War Cover
This type of policy provides extra cover (not provided by hull insurance) for risks
incurred when a vessel sails into a war zone. Some areas that suffer severely from
piracy have been included in the definition of a war zone.
Cargo Insurance
This provides cover for goods in transit.
Watercraft insurance is usually grouped with other
short term insurance types like motor and household. This type of insurance
provides cover for losses to pleasure watercraft like jet skis and speedboats.