Shipping insurance is one of the various forms of insurance which covers the loss of damage or loss of ship, goods, and property at sea. Such insurance acts as a necessary talisman for exporters and cargo businessmen against factors like rough weather conditions, rough handling of cargo, fire, shipwreck, and so on. It however excludes losses that can be recovered from a carrier.
Origin of shipping/marine insurance :
The marine insurance law originated with the establishment of a specialized chamber of assurance in England in 1601. The growth of the London insurance market led to the standardization of policies and the marine insurance law was further developed. (In 1906 the Marine Insurance Act was passed)
Types :
Shipping/marine insurance is typified into vessels insurance and cargo insurance. Vessels insurance of the vessels is also known as 'Hull and Machinery' (H&M) [A more restricted form of cover is 'Total Loss Only' (TLO), generally used as a reinsurance]
Insurance cover again could be on either a 'voyage' or 'time' basis. While the 'voyage' basis covers transit between the ports set out in the policy; the 'time' basis covers a period of time.
Various policies of shipping insurance :
There are various forms of shipping insurance policies. Briefly they are:
Newbuilding risks covering the risk of damage to the hull whilst under construction.
War risks covering the danger of loss in a war zone.
Increased Value (IV) covering the ship-owner against any difference between the insured value and the market value of the vessel.
Some of the Shipping/Marine Insurance Agencies are:
1. P.A.F. Insurance Services
[Contact: 2899 Agoura Rd. Ste #310, Westlake Village, CA 91361, Phone: 1 (800) 541-0700, Toll Free
(818) 735-0494 Direct, Fax: (805) 267-4837]
2. Oversea Insurance
[Contact: 1274 Scott Street, San Diego, CA 92106, (619) 222-1111, (800) 266-2662,
(619) 222-0777 Fax]
3. Aircraft and Marine Insurance Agency
[Contact: 101 W. Burnsville Pkwy, Suite 215, Burnsville, MN 55337
Voice: (952) 890-1124, Toll Free: (800) 747-1124, Fax: (952) 890-0937]
4. Twin Rivers Marine Insurance Agency
[Contact: 800-259-5701, 7 Marina Plaza Antioch, CA 94509]
