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Every financed cargo and every financed vessel has one thing in common. The lender will not release funds until it sees acceptable marine insurance, with its own interest protected. If the ship sinks, the cargo is damaged or the vessel causes a pollution claim, insurance is what repays the loan.
This guide explains the main types of marine insurance, what banks require under letters of credit and ship finance facilities, how the market is changing, and which brokers, insurers and P&I clubs lead it, with direct links so you can research them yourself.
According to the International Union of Marine Insurance, global marine insurance premiums reached USD 42.6 billion in 2025, up 5.5%, with cargo making up USD 24.2 billion and ocean hull USD 10.5 billion, as reported by Marine Insight in September 2026. IUMI cautioned that much of that growth reflected a weaker US dollar rather than higher rates.
Ship safety has improved. Allianz counted 43 total losses of vessels over 100 gross tonnes in 2025, against an average of 111 a year between 2016 and 2020, reported Seatrade Maritime in June 2026. Geopolitical risk has gone the other way. Allianz estimated that about 1,150 cargo-carrying vessels, worth roughly USD 125 billion with their cargo, were trapped in the Arabian Gulf as of mid-June 2026. War risk cover is now a central part of any financed voyage through affected routes.
| Cover | What it protects and who buys it |
|---|---|
| Cargo insurance | Loss of or damage to goods in transit. Bought by the seller or buyer depending on the Incoterms, for example the seller under CIF and CIP. |
| Hull and machinery | Physical damage to the vessel itself. Bought by the shipowner and required by every ship finance lender. |
| Protection and indemnity (P&I) | Third-party liabilities such as crew injury, pollution, wreck removal and cargo claims. Usually placed with a mutual P&I club. |
| War risks | Losses from war, piracy, mines, seizure and similar perils, which standard hull and cargo policies exclude. |
| Charterer's liability | Liabilities a charterer may face towards the shipowner or third parties, important for commodity traders who charter vessels. |
| Stock throughput | Covers goods continuously from origin through transit and storage until final delivery. Popular with commodity traders holding inventory in terminals. |
Most cargo policies use the Institute Cargo Clauses. Clauses (A) give the broadest, all-risks cover subject to listed exclusions. Clauses (B) and (C) cover only named perils, with (C) the narrowest, limited to major casualties such as fire, sinking, stranding or collision. War and strikes risks are covered separately under their own clauses.
The level matters for traders. Under the ICC's Incoterms 2020 rules, a CIF seller only has to provide Clauses (C) cover unless the contract says otherwise, while a CIP seller must provide Clauses (A) level cover. Buyers and banks that need broader protection must ask for it in the sale contract and the letter of credit.
Under letters of credit. Under UCP 600, an insurance document must normally cover at least 110% of the CIF or CIP value, be in the same currency as the credit, and be effective no later than the date of shipment. Banks check these points closely, and errors are a common reason documents are refused.
In commodity finance. Lenders want to be named as loss payee or have the policy assigned to them, with notice of cancellation and no right for the insurer to set off unpaid premiums against claims. For goods in storage, they often require stock throughput cover and confirmation that the terminal's own insurance does not reduce theirs. See our guide to trade credit insurance for the separate question of buyer non-payment.
In ship finance. Lenders require hull and machinery, war risks and P&I entry with an International Group club, assigned to the lender, plus mortgagee's interest insurance that protects the bank if the owner's own cover fails to pay. See our pages on marine asset financing and maritime shipping finance.
Read the exclusions and the routing. Cargo moving through sanctioned waters, listed war risk areas or on vessels that turn off their tracking signal may not be covered, or may need additional premium approved before sailing. A policy that does not respond leaves the lender unsecured and the trader liable for the full loan.
A specialist broker designs the cover, places it with insurers and handles claims. These global brokers all run dedicated marine practices.
Marsh is one of the world's largest insurance brokers, with a marine practice covering cargo, hull, liabilities and war risks for traders, shipowners and ports.
Aon places marine and cargo programs for shippers, logistics firms and shipowners, alongside its trade credit and political risk teams.
WTW, formerly Willis Towers Watson, has a long-established London marine and energy broking business.
Gallagher runs specialist marine teams in London and other hubs, including for cargo, hull and charterer's liability.
Howden is a London-rooted international broker with marine and specialty lines.
Lockton is a privately owned broker with marine and cargo teams serving traders and shipping companies.
Large cargo and hull risks are usually written by a mix of global insurers and syndicates at Lloyd's of London, the historic center of marine insurance. Major marine insurers include Allianz Commercial, AXA XL, Chubb, Zurich and Beazley. Your broker will choose the panel based on the commodity, the route, the values and the claims history.
P&I cover is mostly provided by mutual clubs owned by their shipowner members. The 12 clubs of the International Group of P&I Clubs together insure approximately 87% of the world's ocean-going tonnage, according to the Group, and share large claims through a pooling and reinsurance arrangement. Ship finance lenders almost always require entry with one of them.
| Club | Website |
|---|---|
| American Club | american-club.com |
| Britannia | britanniapandi.com |
| Gard | gard.no |
| Japan P&I Club | piclub.or.jp |
| London P&I Club | londonpandi.com |
| NorthStandard | north-standard.com |
| Shipowners' Club | shipownersclub.com |
| Skuld | skuld.com |
| Steamship Mutual | steamshipmutual.com |
| The Swedish Club | swedishclub.com |
| UK P&I Club | ukpandi.com |
| West P&I | westpandi.com |
Financely is a debt advisory and arranging firm. We don't sell insurance and we don't lend. We structure trade, commodity and vessel financing so the insurance package, the security and the documents meet lender requirements from the start, and arrange the financing with lenders from our network of more than 12,700 verified capital providers. See our structured commodity finance and letter of credit services.
Tell us about your cargo, vessel or trade and we will send you an estimate showing the scope of work and the fee to structure and arrange the financing. You decide whether to proceed once you have seen it.
Cargo insurance covers loss of or damage to the goods and is bought by the cargo owner. P&I covers a shipowner's or charterer's liabilities to third parties, such as pollution, crew injury and cargo claims, and is usually provided by a mutual P&I club.
Under UCP 600, at least 110% of the CIF or CIP value unless the credit states otherwise, in the currency of the credit, and effective no later than the shipment date.
Often not. Clauses (C) cover only major casualties. Many buyers and lenders require Clauses (A) all-risks cover, plus war and strikes clauses, and should state this in the contract and the credit.
No. Financely is a debt advisory and arranging firm. We structure financing so that the insurance arranged by your broker meets lender requirements, and we arrange the financing with lenders from our network.
This article is for general information only and does not constitute insurance, legal or investment advice. Brokers, insurers and clubs named are examples from public sources, not endorsements, and their inclusion does not imply any partnership with Financely. Financely is not an insurance broker or intermediary. Financely is an advisory and arranging firm, not a lender or broker-dealer. Any financing is subject to lender underwriting, due diligence, credit approval, documentation and conditions precedent, and no outcome or closing timeline is guaranteed.
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