What does marine insurance cover

Marine insurance is a type of insurance sought by vessel owners, particularly yacht and ship owners, to secure their vessel against risk and damage. Marine insurance is a requirement for all vessels to have in a similar way to all cars requiring car insurance to be on the road. It is important to obtain the help and guidance from a professional consultancy firm in order to understand the requirements and cover in which marine insurance will give you, depending on the marine insurance plan you select.

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Marine insurance cover

Marine insurance will provide a varying level of protection and scope depending on the type of insurance plan you select, the type of marine insurance issuer you seek the insurance from, and they type of vessel you own.

Marine insurance can be in the form of P&I, Hull and Machinery insurance or general yacht insurance. P&I marine insurance covers the vessels owners against liability for damage to cargo in their care, death or injury to passengers and damage to the vessel itself. Some risks covered include; illness and injury of seamen, loss or damage to property, cargo liabilities, fines, towage, pollution risks and collisions, to name only a few.

Hull and Machinery marine insurance covers damage to the hull and machinery and equipment installed on the vessel. Some of the risks covered by the marine insurance include but are not limited to:

  • Grave weather conditions
  • Stranding
  • Grounding
  • Fire and lightening
  • Theft
  • Accidents in loading or unloading cargo

Yacht marine insurance covers any type of yacht which is 27 ft or larger. Marine insurance will typically cover the yacht in terms of liability of damage to the vessel itself and those onboard.