Marine Insurance

Why Do Shipowners Need Marine Insurance?

Marine insurance is essential for shipowners and maritime businesses due to various risks that can impact their assets and operations.

1. Protection of Shipowners Assets

Ships are valuable assets that can suffer damage due to natural disasters, fire, collisions, or other unforeseen accidents. Marine insurance ensures that shipowners can repair or replace their vessels without bearing the full financial burden.

2. Reducing Legal and Liability Risks

If an accident occurs and results in injuries to passengers, crew members, or third parties, shipowners may be held legally liable for compensation. Marine insurance covers legal expenses and compensation claims, reducing financial risk.

Types of Vessels Eligible for Marine Insurance

Marine insurance applies to various types of vessels based on their function and usage:

1. Commercial Vessels

Used for cargo transportation or passenger services, including:

• Cargo Ships
• Passenger Ships & Ferries
• Cruise Ships
• Dredgers
• Oil Tankers & Gas Carriers

2. Leisure & Private Boats

Used for recreation and tourism, such as:

• Yachts
• Speedboats
• Sailing Boats

3. Fishing Vessels

Used for commercial fishing and seafood industries, including:

• Small-scale fishing boats
• Commercial fishing vessels



4. Specialized Vessels

Used in specific industries, such as:

• Tugboats
• Specialized Cargo Ships
• Construction and Utility Vessels

Benefits of Marine Insurance

Having marine insurance provides numerous advantages, ensuring financial protection, legal security, and business sustainability.

1. Protection for Ships and Machinery

• Covers damage caused by accidents such as collisions, fire, and natural disasters.

2. Coverage for Cargo During Transit

• Reduces financial loss from damaged, lost, or stolen goods.

3. Protection for Passengers and Crew Members

• Provides compensation in case of injuries, disability, or death resulting from maritime incidents.

4. Reduction of Legal Liabilities

• Covers compensation claims and legal fees in case of disputes or accidents involving third parties.

5. Security Against Unforeseen Events

• Covers risks from war, piracy, riots, and terrorism at sea.



6. Business Stability and Continuity

• Helps shipping companies and maritime businesses operate without financial disruption due to unexpected incidents.

Types of Marine Insurance

Hull & Machinery Insurance

• Covers damage to the vessel's structure and machinery due to accidents such as collisions, fire, and natural disasters.

Protection & Indemnity (P&I) Insurance

• Covers shipowners' liability to third parties, including crew, passengers, and cargo.

Cargo Insurance

• Protects goods transported by sea in case of loss or damage.

Passenger Liability Insurance

• Covers passengers in case of injury or death due to maritime accidents.

War Risks Insurance

• Covers damage caused by war, terrorism, or political unrest.

Loss of Hire Insurance

• Compensates shipowners for loss of revenue when their vessel is out of service due to insured damage.

Marine Insurance Providers in Thailand

Details of each company, such as:

• AXA XL Specializes in P&I and commercial hull insurance
• Tokio Marine Suitable for general shipowners
• Viriyah Insurance Offers passenger boat insurance
• ERGO Insurance Ideal for yachts and leisure boats
• Bangkok Insurance Provides hull and machinery coverage
• Dhipaya Insurance Covers damages from accidents and natural disasters
• Chubb Samaggi Comprehensive marine insurance solutions

How to Choose the Right Marine Insurance?

Factors to consider before purchasing insurance

• Type of vessel (commercial, private, transport, etc.)
• Coverage needed
• Budget and premium costs
• Reputation of the insurance provider

How to Get a Quote & Purchase Marine Insurance

• Steps to obtain an insurance quote
• Required documents, such as:
• Ship registration
• Bill of sale
• Ship valuation report
• Ship photographs
• Ways to purchase insurance: online, through an agent, or directly from the company