What Are the Different Types of Marine Insurance?

Marine insurance is an agreement between the insurer and the insured on the risks that the ship, cargo and other marine targets may encounter. After the insured has paid the agreed insurance premium, the insurer promises that once the above risks are within the agreed time Occurs and causes losses to the insured, the insurer will give the insured financial compensation for business activities as agreed. Marine insurance belongs to the category of property insurance. It is a legal system that provides financial compensation for property losses caused by natural disasters and accidents at sea.

Marine insurance

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Marine insurance is

Marine insurance refers to marine property, such as ships, cargo, and related interests, such as rent and freight.

Italy is the birthplace of marine insurance. As early as the end of the eleventh century, after the Crusades, Italian merchants controlled the intermediary trade between East and West Europe. Especially in the booming cities of northern Italy

The principle of marine insurance refers to the code of conduct that parties should follow in marine insurance activities. As an independent type of economic activity, marine insurance activities have gradually formed a series of basic principles in the long-term development process based on their own characteristics and applicable scope. According to international practice, these basic principles can be summarized as:

1.

According to the practice of the international insurance industry,

Marine insurance is mainly divided into:

Marine insurance from

In the fifteenth and sixteenth centuries, Western European countries continued to explore and open new routes at sea, the scope of European merchants' trade scope expanded, and maritime insurance developed rapidly. As a result, insurance disputes increased accordingly, so national or local insurance appeared Regulations. In 1435, Barcelona, Spain promulgated the world's earliest maritime insurance code, and in 1468, a decree was issued in Venice on how the courts can guarantee the implementation of policies and prevent fraud. In 1532, the previous practice of marine insurance was summarized in Florence, a relatively complete regulation was formulated and the standard policy format was stipulated. After the discovery of the new continent of the Americas, the trading center gradually moved from the Mediterranean region to the other side of the Atlantic Ocean. In 1556, King Philip II of Spain issued a decree to manage insurance brokers and determined the broker system. The Antwerp Act of Spain in 1563 made clearer provisions on navigation and maritime insurance methods and insurance formats. This Act and the custom of the Antwerp Stock Exchange later became mature and perfect for the insurance systems generally adopted by European countries. In the middle of the 17th century, Britain gradually developed into a colonial empire with a monopoly advantage in world trade and shipping, which provided favorable conditions for British merchants to carry out the world's marine insurance business. In 1720, under the charter of the Queen of England, the London Insurance Company and the Royal Exchange Insurance Company were organized and established in accordance with the company, specializing in marine insurance, and stipulating that other companies or partnerships should not engage in marine insurance business. In the late eighteenth century, Britain became the center of world marine insurance and occupied the dominant position of marine insurance. Britain's contribution to marine insurance mainly has two aspects:

1. Formulate a general marine insurance policy, provide global shipping information and become a world insurance center.

2. In terms of insurance legislation, the Maritime Insurance Code was started. Based on this, the British Parliament passed the Maritime Insurance Law in 1906. This code will reflect the practices, practices, cases and explanations of marine insurance that have been followed for many years. Once it is fixed in the form of statute law, the principles of this law are still adopted or imitated by many countries, and it has a considerable impact on world insurance legislation.

Lloyd's has an important position in the history of the UK and the world's marine insurance. In the mid-to-late 17th century, London across the Thames has become a large commercial port. There are many cafés on the banks of the river, and one of them was the one opened by the Englishman Edward Lloyd in 1683. In the vicinity, there are units related to maritime trade such as customs, the Navy, and it has become a place where businessmen, usurers, brokers, shipowners and seafarers often meet. They often make guesses and bets on the fate of ships going to sea, which in turn leads to insurance transactions on ships and cargo. The marine insurance transaction at that time only listed the insured ship and cargo and the amount of insurance, and the insurer in the cafe accepted the insurance share and signed it. In order to solicit customers, in 1696, Lloyd also compiled a tabloid newspaper called "Lloyd News", which was published on a regular basis, and later renamed it "Lloyd News". Lloyd's Cafe became a hub for shipping news. Lloyd died in 1713, and as the cafe continued to grow he later became a celebrity in the marine transportation insurance industry. In 1769, the customers of Lloyd's Cafe formed a marine insurance group. In 1774, Lloyd's was born and became the center of British marine insurance at that time. The club officially became a corporate organization with legal personality. The 1911 Act allowed its members to carry out all insurance business.

The history of Lloyd's is an insurance market, not an insurance company. Now, Lloyd's has more than 30,000 members and has formed more than 400 marine, non-marine, aviation, auto and life insurance portfolios. It operates various insurance businesses, including marine insurance, and has become the world today. One of the largest insurance monopoly organizations in the world has a pivotal position in the international insurance market.

With the development of the trade and transportation industry, especially the development of marine resources, the contents and forms of ancient marine insurance have undergone the following obvious changes:

(1) The types of marine insurance are gradually expanded from the traditional three types of underwriting ships, cargo, and transportation to underwriting construction of ships, offshore operations, and development of marine resources and related properties, liabilities, and interests;

(2) The dangers covered by the marine insurance are not limited to the original inherent dangers at sea, but also include the dangers of inland river, land and air transportation related to maritime trade and the liabilities caused by various intermodal transport;

(3) The subject matter covered by marine insurance has gradually expanded from material property to responsibility for non-material interests and responsibilities related to it