Maritime Insurance
Types and Significance
Maritime insurance is the oldest branch of insurance law, governed in India by the Marine Insurance Act, 1963 (based on the UK Marine Insurance Act, 1906). It protects shipowners, cargo owners, and third parties against losses arising from sea perils.
- Hull and Machinery (H&M): Covers physical damage to the vessel itself.
- Cargo Insurance: Covers loss or damage to the goods being transported.
- Protection & Indemnity (P&I): Covers third-party liabilities — crew injuries, pollution, collision damage — typically provided by mutual P&I Clubs (e.g., Gard, Britannia, West of England).
- War Risk Insurance: A separate add-on covering losses from war, piracy, mines, and armed conflict; typically withdrawn or priced prohibitively in active conflict zones.
● Tracked since March 13, 2026 · last seen April 18, 2026 · updates as the daily brief publishes
See it in today’s brief.
Daily current affairs with every static concept explained in place.
Read the daily brief