Marine

Marine insurance is defined in the Marine Insurance Act 1906 (MIA 1906) as ‘A contract…whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure’.

Marine insurance policies cover loss or damage to vessels or cargo or liabilities, depending on the type of policy. Different types of cover are available, according to the type of vessel being insured, the type of cargo being carried, and the routes being taken to transport the cargo.

The main types of marine insurance are:

1. •

   cargo insurance—this caters specifically to the cargo of vessel, see Practice Note: Marine cargo insurance

2. •

   hull insurance—which insures the vessel itself, see Practice Note: Hull and machinery insurance

3. •

   liability insurance or P&I insurance—covering