Marine Insurance is the oldest type of insurance and underpins the original Lloyd's Market – which was formed from Edward Lloyd’s Coffee House where wealthy individuals effectively put their money behind certain risks and became what are known today as Underwriters. Out of this came the 1906 Marine Insurance Act which laid the basis for modern day Insurance Law.
Marine Insurance encompasses many things and it has often been said that if it moves, floats or comes out of the sea then it is a Marine Risk and here at Sennocke we have many years’ experience in the Lloyd's and International Insurance Markets in this area.
Typically Marine Insurance can cover the following:
Hull and Machinery
Ship Repair Yards etc.
Including General Cargo, Bulk Cargo, Containers, Containerised (inc luding Refrigerated or Temperature Controlled) Cargo, Specie, Art & Exhibition Risks, Port Authority Risks and large Project Based Risks – including Shipments or Annual Policies.
Owners Liabilities to Hull or Cargo, Charterers Liabilities and Ship Repair Liabilities.
Stock Throughput Risks.
These are sometimes referred to as “Cradle to Grave Risks” and are particularly relevant for manufacturing risks covering the supply of raw materials through production to final product and delivery to final destination (subject to Process Clause).