Maritime Insurance
Concepts and the London Market
Marine insurance is one of the oldest forms of commercial insurance, dating to the Lloyd's coffee house in London (late 17th century). Today, Lloyd's of London remains a central marketplace for war risk and maritime insurance globally. War risk insurance specifically covers losses arising from acts of war, piracy, terrorism, and hostile action at sea — a separate and additional layer on top of standard hull and cargo insurance.
- War risk insurance is governed by the Institute War Clauses and the International Underwriting Association frameworks.
- Premiums for war risk zones are set dynamically based on intelligence assessments of threat levels; a zone can be designated a "Listed Area" (formerly "Joint War Committee Listed Area"), triggering automatic premium surcharges.
- The International Maritime Organization (IMO), a UN specialised agency headquartered in London, sets global maritime safety and security standards.
- The SOLAS (Safety of Life at Sea) Convention and the ISPS (International Ship and Port Facility Security) Code are key IMO instruments for maritime security.
- India is a member of the IMO Council.
● Tracked since March 13, 2026 · last seen April 18, 2026 · updates as the daily brief publishes
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