A brief glossary of marine insurance terms.
- Charterer’s Legal Liability – Insures obligations to the vessel owner and others.
- Hull Coverage –Indemnifies the owners of a vessel for loss due to perils of the sea.
- Marina Operator’s Legal Liability – Insures obligations to owners of watercraft while in the marina’s care, custody, and control.
- Protection & Idemnity Coverage – This written in conjunction with hull coverage, protects against liability for bodily injury and property damage, including: loss of life or personal injury to passengers and crew.
- Shiprepairer’s Legal Liability – Protects against damage to vessels while in the care, custody, and control of the shiprepairer. This coverage is comparable to garage keepers legal liability insurance for parties having custody of customers’ automobiles. This “wet marine” form protects shipyards, marinas and others who service boats and yachts to the extent of their legal liability for such property in their custody. Specified causes of loss are covered and the premium charged is based on the number of hazards insured against.
- Stevedore or Wharfinger’s Legal Liability – Protects the stevedore or wharfinger against damage to vessels and their cargo while in the care, custody and control of the stevedore or wharf facility (for the purpose of loading and discharging a vessel).
- Terminal Operator’s Legal Liability – Gives the terminal operator insurance against damage to cargo while in the care, custody, or control of that operator (for the purpose of storage).
- Vessel Builder’s Risk – Insures the materials going into the vessel; the completed vessel for physical damage; and the liability obligations the builder has to the owner of the vessel until completed and delivered to the owner.
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