Marine Insurance

With over 80% of international trade, by volume and 70%, by value, requiring overseas carriage of goods by sea (according to UNCTAD), insurance is an essential global risk management tool for those involved in, or using the services of, the commercial maritime industry. This session will look at why marine insurance is different to other classes of insurance, with examples of some of the ancient and unique shipping principles that need to be covered by marine insurance, the huge financial sums involved, the various classes of hull and machinery, cargo, P&I for shipowners and the liabilities of others involved in the wider global shipping industry. Importers and exporters are often blissfully unaware of the risks they face when the goods they are buying or selling are to be transported internationally by sea, so this session will also look at the role of insurance in the shipping process.