Marine Insurance

Shipping is a high-stakes business, where every voyage faces risks, and every delay, collision, or cargo loss can ripple across global supply chains. Storms, piracy, machinery failure, geopolitical disruptions, the threats are real, constant, and unpredictable. That’s where marine insurance steps in: the industry’s invisible safety net. From ancient bottomry loans carved into history to today’s sophisticated underwriting markets in London and beyond, marine insurance has evolved to make international trade not only possible but also resilient. It protects ships, cargo, freight earnings, and legal liabilities, turning unpredictable danger into manageable risk. This chapter unpacks how insurance enables global trade to operate in the face of uncertainty. Readers will explore key policy types, how claims are handled, and essential legal principles like General Average, Salvage, and Subrogation. At sea, nothing is guaranteed, but with insurance in place, recovery is not just possible, it’s expected.