Marine

Shipping companies typically seek insurance coverage for a range of risks, including hull damage, machinery damage, liabilities arising from vessel operations (such as those to crew and third parties), and “perils of the sea” including grounding, stranding, sinking, and capsizing. In some locations, war, strikes, piracy, or ice damage also pose risks.

Shipyards generally hold title to the vessels they build and therefore will look to insure against manufacturing-related risks that lead to damage, such as fire, as well as standard shipping perils encountered during sea or port testing. Ship repair yards often purchase liability coverage for the vessels in their charge and that they work on.

Maritime financiers look to insure the assets they have capitalized against these perils in case the vessel owner’s insurance coverage lapses or proves insufficient. Logistics companies often buy property and liability coverage, and many companies operate across multiple subsectors, thereby facing a multitude of these perils.

Ports and terminals typically purchase property coverage for their owned assets and liability coverage for third-party property and cargoes they handle and store. Promoting the health and safety of their workforce and visiting crews remains a major challenge. While new ways of working, emerging technologies, and digitization can introduce complexities, they also offer opportunities. Additionally, congestion management and compliance with environmental regulations can present concerns for ports and terminals.