What is Marine Insurance? 

Technically speaking Marine Insurance is used to describe insurance for cargo and vessels undertaking a marine voyage. Cover for cargo is automatically extended to include land carriage which is incidental to the marine voyage and can be further extended to provide cover for storage of cargo prior to the land carriage or after delivery has been made.  Cover for vessels includes the hull and machinery under one policy, with operational liabilities being covered typically under a Protection & Indemnity policy (P&I). 

The term ‘Marine insurance’ has been broadened over the past 50 years to include other insurances such as Insurance for ports and terminals; insurance for carriers’ legal liability to goods carried under contract, convention or national law; insurance for ship builders and repairers; insurance for pleasure craft, including the hull and liabilities (P&I) under one combined policy; and insurance for businesses which serve the pleasure craft sector, called Marine Trades.  

What does marine trade insurance cover? 

Public liability: covers your legal liability if a third party (customer or visitor for example) is injured or their property is damaged due to your operations.  

Product liability: aims to protect you against claims arising from a product or service provided by you, or supplied that has caused injury or damage.  

Employer’s liability: under UK law, employers are required to insure against liabilities for injury and disease that arise out of your employment. 

Tools, machinery and stock: covers physical assets such as tools, plant equipment and spare parts against risks such as fire, theft, flood and accidental damage. 

Loss of revenue: aims to protect your business income if operations are disrupted due to an event included in your cover (fire or flood for example). 

Buildings: covers physical structures in relation to your marine trade, could be your premises, buildings, workshop and/or sheds; from risks such as fire, vandalism and storms. 

Cyber risks such as hacking and ransom attacks: aims to protect you against cyber threats such as data breaches, ransomware and attacks or hacking. May include costs for restoring systems, recovering data and any legal costs. 

Vessels including hull and liabilities: covering physical damage to the vessel insured- hull, machinery and fittings.  

If you would like to know more about our Marine Trade Insurance offering, you can do so here.