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Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
The Club also provides comprehensive cover for Hull and Machinery, plus associated lines of insurance from its London office. Hull and Machinery (H&M) insurance protects the vessel itself. There are a number of sub-classes under the H&M banner, such as Increased Value (IV), Loss of Hire and War.
Gard is a mutual company and operates around the world within marine insurance. ... The group's business focuses on P&I and hull covers for shipowners, operators and ...
Aviation insurance provides coverage for hull losses as well as liability for passenger injuries, environmental and third-party damage caused by aircraft accidents. Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different ...
The superyacht's hull was insured against physical damage by yacht insurance provider OMAC and a consortium of insurers including Travelers Companies Inc (TRV.N), Navium Marine and Convex, Reuters ...
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