The Marine Insurance Sector
The International Union of Marine Insurance categorises the marine insurance industry into four main areas:

(i) Marine Hull Insurance
Marine hull insurance provides cover for the loss of, or damage to, the asset insured (i.e. a ship or carrier of marine cargo). Hull insurance can also come in the form of a Hull & Machinery (“H&M”) policy, which provides coverage for not only vessel hulls but also machinery and equipment on board.
           
(ii) Marine Liability Insurance
Marine liability insurance covers the insured against third party claims, for example, claims made by the owner of the other vessel in a collision, claims made for damage caused by pollution due to a vessel leaking oil and claims made for the loss of life.  Protection & Indemnity (“P&I”) insurance is a form of marine liability insurance. It is insurance in respect of third party liabilities and expenses arising from owning or operating ships as principals. P&I cover is typically provided by insurance mutuals called P&I Clubs, although the option of fixed premium P&I insurance is also available. The risks typically covered by P&I Clubs include personal injury or illness or loss of life of crew members, diversion expenses and collision liabilities.

(iii) Marine Cargo Insurance
Marine cargo insurance covers the loss of, or damage to, goods at sea. It typically compensates the owner of the cargo for losses resulting from fire, shipwreck, piracy, inclement weather, etc., in excess of those which can be legally recovered from the carrier.
           
(iv) Offshore/Energy
Offshore/Energy insurance covers property and machinery related to the upstream energy business such as offshore exploration and production, and the marine transportation of oil and gas. The types of risks covered include physical damage to offshore drilling units, liabilities and business interruption.

In Singapore, the stable political and business environment has been conducive to marine insurance specialists and P&I Clubs. Lloyd's Asia has been established in Singapore since 1999 to undertake business development and promotional activities.  Today, there are more than 30 direct general insurers in Singapore, including Lloyd’s Syndicates and International Group P&I Clubs, which offer marine hull and liability insurance.  There are also some 60 insurance brokers, including marine specialists, in Singapore.

Useful links:
- Monetary Authority of Singapore www.mas.gov.sg
- General Insurance Association of Singapore www.gia.org.sg
- For a list of Marine Insurers and P&I Clubs in Singapore, please see: http://www.singaporemaritimeportal.com/smp/jsp/SMP_secCoList.jsp?sec_c=9&group_c=1