What Does Marine Insurance Typically Cover in Ireland?

Marine insurance in Ireland typically covers a range of risks associated with maritime activities and transportation. While specific policy terms and coverage may vary among insurance providers, here are some common areas that marine insurance in Ireland typically covers:

Hull and Machinery:

This coverage protects the vessel itself against physical damage or loss caused by perils such as collisions, accidents, or natural disasters.

Protection and Indemnity (P&I):

P&I insurance provides liability coverage for the shipowner and operator. It typically covers third-party liabilities, such as bodily injury or property damage caused by the insured vessel, pollution liabilities, crew liabilities, wreck removal costs, and legal defence expenses.

Cargo Insurance:

This type of insurance covers goods or cargo being transported by sea, providing protection against risks like loss, damage, theft, or non-delivery. It may be taken out by the cargo owner, importer, exporter, or the carrier.

Freight Insurance:

Freight insurance covers the loss of anticipated income or freight charges due to damage or loss of cargo during transit. It protects the interests of the shipper or carrier.

Marine Liability:

Marine liability insurance covers liabilities arising from marine-related activities, such as ship repair, shipbuilding, chartering, stevedoring, or other maritime services.

War Risks:

Given the global nature of maritime trade, marine insurance policies may include coverage for risks associated with war, strikes, civil unrest, piracy, and acts of terrorism.

It’s important to note that the specific coverage and policy terms can vary between insurance providers, and it’s advisable to consult with an Insurance Broker and to review individual policy documents for precise details regarding coverage.