Marine insurance provides solutions by protecting businesses and individuals against financial losses resulting from risks related to marine activities. The solutions can be coverage for exterior damage of the ships, boats and cargo, as well as for injuries or damage caused by ships or the cargo.
Third Party Liability Insurance
Third party liability insurance, also known as "marine liability insurance", is a type of insurance that covers third party claims against the insured due to bodily injury or property damage on or around a ship or vessel. This type of insurance aims to protect the insured against financial losses in case of damages.Marine liability insurance can be purchased for a variety of vessels and watercraft, such as cargo ships, pleasure craft, fishing boats, and other types of vessels. This insurance is also required for certain ship types and activities.
Protection and Indemnity (P&I)
Protection and indemnity insurance is a type of marine insurance that covers damages resulting from the ownership, operation and maintenance of a ship or other watercraft. This type of insurance aims to protect the insured against financial losses in case of liabilities. P&I insurance generally provides coverage for legal defense costs and damages in case of a claim. It also covers protection against claims resulting from personal injury, property damage, environmental pollution and other forms of tort. P&I insurance is generally purchased by ship owners, ship operators, charterers. It is mandatory for certain ship types or activities.
Marine Equipment Insurance
Marine installations insurance is a type of insurance that covers risks related to the construction, operation, maintenance and repair of offshore structures such as oil rigs, wind turbines and other marine facilities. Marine installations insurance provides coverage against property damage and business interruption resulting from incidents such as fire, explosion, natural disasters, and equipment failures. It may also cover situations resulting from the activities of the facility, such as loss of production due to pollution, equipment failures and other operational issues. It is often purchased by companies that operate marine facilities, such as oil and gas companies, wind power companies, and other types of companies operating in the offshore industry.
Ship insurance is a type of insurance that covers risks related to the ownership, operation and maintenance of ships such as ships, boats and other vessels. Ship insurance generally covers exterior damage of the ship, such as damage resulting from collision, sinking or stranding. It may also include coverage against loss of usage of the vessel, liability to the counterparty, and other ship-specific risks.
Lifting Equipment Insurance
Lifting equipment insurance is a type of insurance that covers risks related to the ownership, operation and maintenance of cranes and other lifting equipment. This type of insurance aims to protect the insured against financial losses resulting from a damage to the equipment and from third party liabilities that may arise from the operation of the equipment. Lifting equipment insurance generally covers exterior damage of equipment, such as damage resulting from a collision, fire, or equipment failure. This type of insurance is often purchased by companies that operate cranes, hoists and other types of lifting equipment, such as construction companies, manufacturing companies, and other companies that use lifting equipment in their operations.
Goods Transport Insurance
Goods transport insurance is a type of insurance that covers risks related to the transportation of goods by road, rail, air or sea. This type of insurance aims to protect the insured against financial losses resulting from damage to or loss of goods during transportation. It usually covers the property against exterior damage such as fire, collision, sinking or stranding. This type of insurance is often purchased by businesses that transport goods, such as freight brokers, freight forwarders, freight forwarders, and others which transport goods.
General Cargo Insurance
General cargo insurance is a type of insurance that covers risks related to the transportation and storage of a wide variety of goods and commercial goods. This type of insurance aims to protect the insured against financial losses resulting from damage to the cargo, and losses that may arise from the transportation and storage of the cargo. This insurance is often purchased by businesses that transport and store goods or other businessess such as freight forwarders, shipping companies, and warehouse operators.
Project Cargo Insurance
Project cargo insurance is a type of insurance that covers risks related to the transportation and storage of large and complex cargo items such as heavy machinery, industrial equipment and other special cargo types. This type of insurance aims to protect the insured against financial losses resulting from damage to the cargo and losses that may arise from the transportation and storage of the cargo. Project cargo insurance covers exterior damage to cargo due to fire, collision, sinking or grounding. It may also include cargo loss-of-use coverage, liability for third-party claims, and other cargo-specific risks. It can also cover additional costs such as crane rental and temporary storage costs resulting from the process of transportation and storage of the cargo. It is often purchased by businesses that transport and store large and complex cargo items, such as engineering and construction companies, oil and gas companies, and other companies that handle special cargo.
Delay at Start - Marine Delay In Start-Up (DSU)
Delay in start-up insurance is a type of marine insurance that covers financial losses resulting from delays in commissioning an oil rig, wind farm or similar offshore facility. This type of insurance aims to protect the insured against financial losses resulting from delays in commissioning the facility due to various reasons such as natural disasters, equipment failures and other operational risks. It usually covers financial loss, additional costs and other financial losses that may occur as a result of delay in commissioning the plant. Coverage may also include protection for legal defense and other costs that may arise as a result of a claim. This insurance is often purchased by companies that operate marine facilities, such as oil and gas companies, wind power companies, and other types of companies operating in the offshore industry.
Transporters Liability Insurance
Transporters liability insurance is a type of insurance that provides coverage against damage resulting from the handling and transportation of goods in possible situations during transportation. This type of insurance aims to protect the transporter against financial losses that may occur as a result of such claims. It usually provides coverage for legal defense costs and damages payable in case of a claim. The assurance may also cover claims for damages resulting from the loss or damage of the goods during transportation, delay in delivery, non-delivery of the goods. It may also include coverage against claims resulting from customs, excise duty, and other regulatory compliance issues. This type of insurance is generally purchased by transport and logistics companies that provide transportation and storage of goods.
Overseas Carrier Liability Insurance
Overseas carrier liability insurance takes place in international agreements that regulate the rights of carriers and consignors in the international road transport of goods. Overseas carrier liability insurance is a type of coverage that provides liability against loss, loss or damage to goods as a result of road transport, including damage or theft of goods.
Domestic Carrier Liability Insurance
Domestic carrier liability insurance covers shippers operating in a single country against financial losses in case of goods being damaged, lost, furthermore injury or death of passengers during transit. It usually covers the carrier's liability against goods being lost, stolen, or damaged in transit. This type of insurance is usually mandatory for carriers engaged in domestic transport business.
Boat Construction Insurance
Boat construction insurance is a type of insurance that is planned to protect shipbuilders, ship owners and operators against financial losses in case of damage to a ship or other risks that may be encountered during the construction process. It can cover various risks, including material damage to the ship, loss of usage and profits due to delays, legal liability in case of injury to third parties or damage to their property, and other costs related to the construction process. Coverage for this insurance can be customized in order to meet the specific needs of the shipbuilder, the owner or the operator.
Ship Repairers Legal Liability Insurance
Ship repairers' liability insurance covers a ship repair company's legal liability against loss or damage to a customer's ship during the repair process. This insurance provides financial protection to the ship repair company in case of a lawsuit resulting from loss or damage to the customer's property during the repair process. The policy covers the costs of defending a case and any damages or compensation that may be awarded. The insurance is important because it supports to protect ship repair companies against financial losses caused by unforeseen circumstances during the repair process.
Shipyard insurance is a type of insurance coverage is specially planned for businesses operating shipyards. It covers financial losses that may arise due to accidents, natural disasters, theft or other unexpected incidents. Assurance types vary but they may include property damage, liability coverage, business interruption and workers' compensation, among others. The purpose of shipyard insurance is to provide financial protection to the shipyard and its employees against loss or damage to property, equipment, materials and products.
Ship Charter Loss Insurance
Ship charter loss insurance is an important insurance for the offshore and marine industries. This insurance provides financial protection for shipowners, charterers and operators against loss of rental income due to an unexpected and unforeseen event that renders the ship unusable for its intended use. Examples of the insurance incidents are accidental damage, machine failure, or grounding. Loss of charter insurance supports to reduce financial loss in case a ship is unavailable, thus providing security for the owner's business.
Insurance of Marine Creditors
Insurance of Marine Creditors protects a bank's or lender's mortgage in case the borrower's insurance fails to respond. Mortgage interest insurance (MII) is a type of insurance that protects the interests of mortgage lenders in case of damage, loss or destruction of a property that acts as collateral for the loan. This insurance policy covers financial loss encountered by the mortgage lender in case the property is damaged or destroyed before the loan is fully repaid. In case of a loss, the insurance company pays the mortgage lender the necessary amount in order to pay the outstanding loan balance up to the policy limit. Insurance of Marine Creditors provides mortgage lenders with peace of mind and supports to assure that their investments are protected.
Frequently Asked Questions
‘Bridge’ offers many insurance products within the scope of maritime insurance. The products are listed below:
● 3rd Party Liability Insurance
● Protection & Compensation Insurance
● Offshore Structures Insurance
● Ship Insurance
● Yacht Insurance
● Lifting Equipment Insurance
● Marine Commodity Insurance
● General Cargo & Commodity Insurances
● Project Cargo Insurance
● Shipping Delay and Advance Insurance
● Forwarder Carrier Liability
● Overseas Carrier Liability
● Domestic Carrier Liability
● Boat Construction Insurance
● Ship Repairers Legal Liability Insurance
● Shipyard Insurance
● Loss of Ship Charter Insurance
● Ship Creditor Protection Insurance
Yes, it can. Marine insurance can be purchased online. However, it is recommended to get support from a broker specialized in maritime insurance in order to assure you to have the right coverage. ‘Bridge’ supports you to assess your specific needs and find the right policy for you.
Marine insurance covers a wider range against risks and generally assures the ship or vessel carrying the cargo, while cargo insurance specifically covers the goods which are transported.
In order to prefer the right marine insurance policy requires detailed consideration of your business' specific needs, the type of shipping involved, and the value of the cargo being transported. You should get support from people who are specialized in marine insurance.
The cost of marine insurance depends on some factors such as the amount of the coverage, the type of shipping or transport involved, and other factors such as the value of the cargo and the way it is transported.
Among people who may need marine insurance are shipping companies, exporters, importers and other business enterprises.
Marine insurance: covers against many risks, including theft, damage to the ship or cargo, natural disasters, and other hazards that may occur during shipping or transportation. Coverage can be customized in order to meet the needs of each policyholder.
Marine insurances: It is a type of insurance that covers ship, cargo and other risks related to the sea. It helps protect against financial losses from events such as theft, damage to the ship or cargo, and other hazards that may occur during shipping or handling.