Marine Insurance

Marine insurance is necessary to provide a tanker owner with financial protection in case of damage or loss of the ship or its cargo. Protection and Indemnity insurance is a compulsory, third-party risks cover for shipowners using their vessels for commercial purposes.

In addition, shipowners may wish to insure against physical loss and damage to their ships with hull and machinery insurance, loss or damage to cargo occurring during transit through cargo insurance and legal insurance for establishing or resisting a claim.  There may be a need for a tanker owner to obtain additional insurance in special circumstances for such things as sailing in a war zone or when new regulations or trading patterns dictate the need for additional insurance.

The Secretariat provides advice and guidance to Members on the coverage necessary for their particular voyage(s), any major changes in coverage by insurers and trends in claim pay-outs to ensure that Members have the latest insurance information for their tankers.