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Marine

To navigate today’s challenges, the maritime industry can benefit from a risk management adviser that has decades of dedicated marine expertise.
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As global trade stretches into more remote corners of the world, the entire maritime industry enjoys new growth opportunities. It also faces new challenges, unpredictable costs, and the ever-present potential for catastrophic loss. The speed of change keeps accelerating, requiring swift responses and greater operational efficiencies.

Marsh’s Marine Practice is a leading adviser to the maritime industry on risk and insurance issues. Our globally-coordinated team of nearly 600 maritime specialists places approximately US$3 billion in marine premiums globally, identifying cost-effective, often hard-to-find insurance solutions. We help you differentiate your risk profile, enabling you to better compete for insurer capacity.

With specialised marine expertise backed by industry-leading data, analytics, and benchmarking, we help determine and prioritise exposures and determine how much risk your balance sheet can comfortably retain. We use technology to develop innovative risk management solutions specifically for the maritime industry. And our dedicated marine claims staff helps to accelerate claims payments to maintain cash flow.

With Marsh’s Marine Practice, you can minimise total cost of risk, help protect your balance sheet amid business challenges, and stay competitive in an increasingly global marketplace.

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FAQs

Shipping companies typically seek insurance coverage for a range of risks, including hull damage, machinery damage, liabilities arising from vessel operations (such as those to crew and third parties), and “perils of the sea” including grounding, stranding, sinking, and capsizing. In some locations, war, strikes, piracy, or ice damage also pose risks.

Shipyards generally hold title to the vessels they build and therefore will look to insure against manufacturing-related risks that lead to damage, such as fire, as well as standard shipping perils encountered during sea or port testing. Ship repair yards often purchase liability coverage for the vessels in their charge and that they work on.

Maritime financiers look to insure the assets they have capitalized against these perils in case the vessel owner’s insurance coverage lapses or proves insufficient. Logistics companies often buy property and liability coverage, and many companies operate across multiple subsectors, thereby facing a multitude of these perils.

Ports and terminals typically purchase property coverage for their owned assets and liability coverage for third-party property and cargoes they handle and store. Promoting the health and safety of their workforce and visiting crews remains a major challenge. While new ways of working, emerging technologies, and digitization can introduce complexities, they also offer opportunities. Additionally, congestion management and compliance with environmental regulations can present concerns for ports and terminals.

Cargo insurance primarily offers protection against accidental physical loss or damage while goods are in transit. Policies may also reimburse a cargo owner for general average or salvage charges that the owner may be obligated to pay. It may be extended to cover goods in temporary storage, during their overall transit along the supply chain, including in inventory at their place of origin — this is called a stock throughput policy .

In addition to physical losses, liabilities incurred during maritime operations are a major risk exposure.

Shore-based employees in the maritime and logistics ecosystem generally operate under local employment regulations. However, for those working onboard ships in international waters, this distinction is often blurred. The physical and mental well-being of seafarers has become a top priority for the maritime community. For example, during the COVID-19 pandemic, many seafarers were stranded on vessels well beyond their contractual employment date, posing safety and emotional health risks.

The Neptune Declaration, issued on January 25, 2021, with the goal of safeguarding and promoting the safety and well-being of seafarers. Sponsored by leading commercial entities and international maritime agencies, the declaration underscores a collective commitment to improving conditions for these essential workers. Marsh, along with over 800 organizations, has signed the Neptune Declaration, reaffirming our commitment to supporting and protecting seafarers.

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Bella Wang

Marine Practice Leader

  • Taiwan