Marine insurance is a type of insurance that covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. It is one of the oldest types of insurance, with policies dating back to the 14th century. Marine insurance policies can include coverage for vessels and liability for third parties, and different types of marine insurance cover different areas of the transport process. Some common types of marine insurance include:

• Ocean Cargo Insurance: This provides first-party property coverage for damage to, or loss of, goods in transit, and it is generally but not necessarily limited to coverage for goods in transit at sea. This type of insurance typically compensates the owner of the goods.

• Hull Insurance: This covers the hull and torso of the transportation vehicle, and it covers the transportation against damages and accidents.

• Marine Liability Insurance: This provides compensation for any liability occurring on account of a ship crashing or colliding.

Marine insurance can also include coverage for onshore and offshore exposed property, such as container terminals, ports, oil platforms, and pipelines, as well as marine casualty and marine liability. Marine insurance is typically underwritten on a subscription basis, with liability under the policy being several and not joint, meaning that the underwriters are all liable together, but only for their share or proportion of the risk.