Protecting On the Water
Dating to the late 1600s, ocean marine is among the earliest formalized insurance contracts. Sea merchants gathered in groups at Edward Lloyd’s coffeehouse in London to arrange special contracts with each other – contracts that came to serve as the framework for modern ocean marine insurance policies. The merchants agreed that, in the event that one merchant lost a ship, every merchant in the group would assume a percentage of the loss – thus lessening each merchant’s individual risk for potential loss. The merchants formalized these early insurance policies by writing their names under the percentage of loss that each merchant had assumed. Such is the origin of the term underwriter, as well as Certain Underwriters at Lloyds London.
Ocean Marine Insurance Addresses Loss Exposure In Three Main Areas:
- Hull Insurance protects the value of the vessel, its equipment and related machinery. Hull coverage can be used to insure offshore oilrigs and boats operating in inland waters.
- Cargo Insurance covers waterborne shipments, and commonly covers shipments continuing onto dry land.
- Liability is known as Protection and Indemnity (P&I). It covers bodily injury and property damage to not only the public, but also the master and crew.
Our Ocean Marine Experience Includes Placement Of Coverage, And Claims Experience, With:
- Off shore drilling rigs Boat owners
- (Ocean and Inland waters and yacht policies, including salvage)
- International shipments of oil, machinery, and bulk goods
- Coverage for consequential losses of partial shipments