hull insurance covers physical damage to the ship or vessel itself, including its machinery and equipment. This coverage is essential for shipowners, protecting against hazards such as collision, fire, piracy, and weather-related damages.

also known as Protection & Indemnity (P&I), liability insurance provides coverage for the shipowner’s legal liabilities arising from the operation of the ship, such as damage to cargo (not covered under cargo insurance), injury, or death of crew members or passengers, and environmental pollution.

the shipper or carrier is protected against the loss of freight revenue that would not be earned due to lost or damaged cargo. It is particularly relevant for shipping companies and charterers.

given the unique risks posed by armed conflicts, war risk insurance offers coverage against damage or loss caused by war-related perils, including strikes, riots, civil commotions, and terrorist acts that are typically excluded from standard policies.

in the event of a covered loss, marine insurance helps businesses maintain financial stability and continue operations by providing compensation for the damages incurred.

provides protection against financial losses resulting from various risks such as damage to the vessel, cargo, or liability for third-party injuries and property damage.

offers coverage for vessels navigating international waters, providing a broad scope of protection for businesses engaged in global trade.

Protection and Indemnity (P&I) is a type of insurance that shipowners purchase to cover the potentially huge costs of any harm they accidentally cause to people, property and the environment. As liabilities for injuries, cargo loss, collisions and pollution can far exceed the value of a ship, shipowners have found since the 19th century that the most cost-effective way of buying P&I cover is through not-for-profit clubs of like-minded shipowners. All shipowners who use their vessel for business or transportation, or for transporting passengers, workers, or cargo across international seas, must carry P&I insurance. To enter ports around the world, the master must provide a 'certificate of entry' given by the shipowners' respective P&I club, demonstrating their insurance to the port authorities.

frequently asked question – SALTU INSURANCE BROKER LLC

What Does Marine Insurance Cover?

The scope of marine insurance can vary widely, but it generally covers several key areas:

Hull insurance:

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Liability insurance

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Freight insurance

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War risk insurance:

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Loss of hire insurance

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What are the Advantages of Marine Insurance?

The advantages of marine insurance include:

Marine insurance provides crucial protection for businesses involved in maritime activities. It’s important for all relevant stakeholders to assess their specific needs, understand policy terms, and comprehend the complexities of the marine insurance market to see which type of coverage is right for your needs.

Customizable coverage

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Business continuity

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Risk mitigation

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Global coverage

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What is P&I ?

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What is the role of the insurance broker?

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What Is Yacht Insurance?

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Two Parts of Yacht Insurance

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What is boat insurance?

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