Insurance of ships
Sea is unpredictable – once it’s giving, once it’s taking. Purpose of insurance of small ships is to protect owner of the ship from material damage.
This kind of insurance agreement is providing coverage for next risks: water accident, for instance- collision with other ship or other sailing object, storm, robbery, stealing, vandalism, arson fire, straight lightning stroke, damage of slipway, transportation damages, ship owners responsibility if, for instance, during water accident people or their property is damaged. Insurance is also protesting radio- and electronic- devises, that are built into the ship. Ship insurance terms are accordant with Marine Insurance Clauses developed by Institute London Underwriters.Insurance of the ship can be done by owner of the ship, renter or any other legal possessor.