Specialist Marine Insurance Policies

Marine insurance is the general term used for policies that cover commercial and private marine activities.

However, Marine insurance does have many other sub branches. Here are some of the specialist policies in existence today.

Newbuilding risks

This kind of policy covers a ship while it is still in construction.

In particular, it covers any risk of damage to the hull while it is still being built.

Yacht insurance

As the name implies, this type of policy covers leisure craft.

War risks
This type of policy covers the risk of loss or damage that may occur when a vessel passes by a war zone.

It also includes loss due to piracy.

Increased Value

Also known as IV. This policy adds cover to the difference between the insured and market value.

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