Marine Insurance
The oldest branch of insurance, covering cargo, hulls, and shipping liability across transport modes.
Overview
Marine cargo policies move with goods worldwide on annual open cover, hull policies insure vessels, and protection and indemnity clubs, the mutuals of shipping, cover third party liabilities such as collision, pollution, wreck removal, and crew injury, pooled through the International Group. General average, codified in the York Antwerp Rules, spreads a voluntary sacrifice, such as jettisoning cargo to save a ship, among all cargo interests. War, strikes, and confiscation need separate clauses, sanctions screening blocks certain waters, and piracy zones add premium. The Lloyd's market and specialist brokers dominate placement. The 2021 Suez blockage illustrated how one casualty cascades into contingent cargo losses across supply chains.
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