Marine War Insurance
We provide war risk insurance to internationally trading merchant marine ships and other commercial shipping such as offshore support, survey, dredging and engineering craft.
Marine war risks accepted
- Hull & machinery
- Primary war P&I
- Increased value / disbursements
- War loss of hire / freight
- Breach of warranty voyages
- Specialist marine operations & projects
- Shipbuilding
- Reinsurance to primary war provider (mutual & commercial)
Who can benefit from this insurance?
This insurance is designed for:
- Ship owners & operators: protection for vessels engaged in international trade, including merchant marine and commercial shipping.
- Offshore support & survey craft: coverage for vessels involved in offshore construction, research, and dredging.
- Shipping & logistics companies: security for businesses managing cargo transport in war-prone regions.
- Shipbuilders & marine contractors: insurance for vessels under construction that may be exposed to geopolitical risks.
Types of craft
Canopius aims to provide war risks cover to internationally trading merchant marine ships and other commercial shipping such as offshore support, survey, dredging and engineering craft.
Capacity
We can offer lines of up to 25% or $100 million limit ($50 million for APAC), whichever is the lesser.
Geographical locations
Currently Canopius will accept risks from all international locations except Iran, North Korea and Cuba.
ShipWRITE is our digital war risk solution for placement of annual war and breach AP risk. You can find out about ShipWRITE here.
Speak to one of our specialist underwriters – select from the regions below
FAQs
How does this marine war insurance work?
Marine war insurance from Canopius covers vessels against operational risks arising from war, piracy, terrorism, and acts of war. It protects ship owners from physical damage due to hostile acts, ensuring their assets are safeguarded during high-risk operations. This insurance mitigates operational risks by covering costs associated with repairs and potential losses, offering comprehensive protection for maritime ventures. With Canopius’ expertise, ship owners can navigate challenging environments with confidence, knowing they are protected against both operational risks and physical loss.
What types of Marine War Risks does Canopius cover?
At Canopius, we provide a wide range of Marine War Risks cover. This includes marine hull and machinery, primary war P&I (Protection & Indemnity), increased value/disbursements, war loss of hire/freight, breach of warranty voyages, specialist marine operations and projects, shipbuilding, and reinsurance to primary war providers.
We’re focused on internationally trading merchant marine ships and other commercial shipping, such as offshore support, survey, dredging, and engineering craft.
What is the maximum coverage limit Canopius offers for Marine War Insurance?
When it comes to coverage limits, we’re able to offer lines of up to 25% or a $100 million limit, whichever is the lesser. This ensures that we can provide substantial support to our clients, covering a range of potential risks and scenarios.
Are there any geographical restrictions for Canopius’ Marine War Risk Insurance?
Yes, there are a few geographical restrictions. Currently, we at Canopius accept risks from all international locations except for Iran, North Korea, and Cuba. Apart from these, we’re open to covering risks in various global locations and understanding the diverse needs of international maritime operations.
What perils does the insurance cover?
Our Marine War Insurance covers a variety of risks, including:
- Physical damage to vessels: damage resulting from war-related incidents such as missile strikes, bombings, or sabotage.
- Loss of hire: compensation for lost earnings due to war-related disruptions preventing a vessel from operating.
- Rerouting costs: additional expenses incurred when a vessel is forced to take a longer route due to war or piracy threats.
- Salvage & recovery costs: coverage for expenses related to rescuing a ship from a war or piracy situation.
- Liability coverage: protection against third-party claims arising from war-related damages or accidents.
