Marine insurance protects ships, cargo, terminals, and related maritime assets against loss, damage, or liability.
From pirate attacks to port accidents, marine insurance ensures that even when things go wrong, global trade keeps flowing. It’s one of the oldest forms of insurance in the world – born in the ports of Genoa and London, and still vital today.
• Hull and Machinery – covers the vessel itself
• Cargo Insurance – protects goods in transit
• Protection & Indemnity (P&I) – covers third-party liabilities (crew, pollution, etc.)
• Freight Insurance – protects loss of freight income
• Builders' Risk – covers new ships under construction
• War Risk Insurance – covers conflict zones, piracy, terrorism
• Offshore and Special Risks – platforms, cables, marine infrastructure
• Underwriters – assess risk, price policies
• Marine claims handlers – investigate, process, and settle claims
• P&I Clubs – mutual insurance providers for shipowners
• Insurance brokers – match clients with the right coverage
• Maritime lawyers – draft and negotiate insurance clauses
• Surveyors and inspectors – assess damage, verify compliance
• Reinsurers – spread risk across global portfolios
• Climate change increases extreme weather risks
• Cyber insurance is emerging for digital threats at sea
• Parametric insurance (payouts triggered by data) is gaining ground
• War & geopolitical risks (e.g., Red Sea, Black Sea) are rising
• Increasing focus on sustainability-linked policies and ESG factors
No ship sails without risk – and no serious operation sails without insurance.
Marine insurance:
It’s the quiet safety net beneath every voyage.
Lloyd’s of London, founded in a coffee house in the 1600s, became the world’s leading marine insurance marketplace – and still plays a key role in covering complex maritime risks today.
As maritime risks evolve, how can marine insurance stay fair, inclusive, and effective for both large and small operators?
