Marine insurance (hull and cargo)

Marine insurance is one of the oldest branches of modern insurance, developed in London from the 17th century. It divides into two main segments. Hull insurance covers the vessel itself against physical damage, total loss, collision and third-party liability. Hull policies are often governed by Institute of London Underwriters clauses (IHC) or French clauses. Cargo insurance, also called facultés, covers goods transported by sea, air or land. The Institute Cargo Clauses A, B and C define decreasing levels of cover, Clause A being the most comprehensive (all risks except listed exclusions) and C the most restrictive (named perils). General average is a fundamental maritime legal concept: when the ship's master is forced to sacrifice part of the cargo or vessel to save the whole, all stakeholders (shipowner, cargo owners) contribute proportionally to the loss. The York-Antwerp rules govern the calculation of this contribution. P&I Clubs (Protection and Indemnity) are shipowner mutuals that cover civil liability not covered by hull policies, notably liability toward crew, passengers and third parties. The global market is largely dominated by Lloyd's and the London markets.

A container of semiconductors worth 8 million euros is damaged by water ingress during an Asia-Europe crossing. The insured had subscribed under Institute Cargo Clauses A. The insurer indemnifies the full loss, less a 50,000-euro deductible. Another shipper's cargo had been jettisoned as general average, and their contribution is spread among all cargo owners on board.

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