Lockton’s dedicated, in-house team of marine specialists can help you mitigate against these evolving risks by designing bespoke, comprehensive insurance and risk management solutions for your marine hull, cargo and liability exposures. We have local experts in offices around the world, so wherever your business takes you, there’s always a Lockton specialist to advise you.
Creating something extraordinary in our sector
Our proposition is unique. We offer the detailed, high-touch service levels exemplified by our specialist brands, powered by the global capabilities of Lockton, through a single point of contact for every client.Find out more
You don’t get one of us, you get all of us.
Approaching $1 billion of global premium placed, we have influence in all key marine insurance markets. Our proposition is unique. We offer the detailed, high-touch service levels exemplified by our specialist brands, powered by the global capabilities of Lockton, through a single point of contact for every client. We think globally; we broke, service and plan globally. We are able to take a wide-ranging view of risk and opportunity, driven by the best interests of our clients.
We’re a team that wants to disrupt the status quo, who set out specifically to gather the world’s leading marine specialists under one brand, to deliver one unified service on a single global platform: Lockton Marine.
Companies that have recently joined Lockton – P.L. Ferrari, Omni and Edge – all have stellar reputations built on their expertise in specialist marine products; incredible client service levels; and local know-how. These new additions partner perfectly with our existing global teams.
In the US we continue to grow our capability and our business on the strength of our client relationships, our diverse culture and the expertise of our people. Our approach is holistic, end-to-end, with our broking and claims teams fully integrated, operating as one.
We have the largest marine team in China, handling some of the region’s most significant exposures. And we continue to grow our business and our influence in the region. Together, we have transformed the service and capabilities we offer clients in P&I, Special Risks, in our combined market leverage and influence. Across the world, we are attracting the best practitioners in their field - from Cruise, Yachts and Shipbuilding to Ports & Terminals and Commodity Trading.
So who are ‘all of us’?
Lockton Edge is one of the largest marine brokers in Scandinavia. They deliver significant access to the Nordic hull markets, expand our presence in Singapore and provide unique capabilities in special risks such as Loss of Hire, Trade Disruption and Mortgagees Interest advisory.
Lockton P.L. Ferrari is over 60 years old and the market leaders in this form of specialist Marine Liability insurance. Headquartered in Genoa, Italy, they bring exceptional market power, insight and influence to our clients.
Lockton Omni is a long-established local market leader under second generation stewardship, boasting exceptional client service standards and retention levels.
Our Marine Insurance FAQs
What are the most common risks for the marine industry?
Physical damage to or loss of a vessel’s “Hull and Machinery” is a primary risk area for shipowners and operators, including the costs of salvage and wreck removal for which they may be held liable. In addition to standard operational perils such as fire, explosion, collision, stranding and sinking, coverage for losses related to war and piracy may also be required for ship’s marine insurance when navigating certain locations. With increasingly sophisticated on-board technologies and integrated supply chain systems, cyber-attacks have the potential to disrupt on and offshore operations with potentially significant business interruption exposures. In addition to physical losses, marine liabilities such as crew casualty and environmental pollution are another area of significant risk, being addressed by specialist marine insurance products such as Protection & Indemnity (P&I), FD&D (a form of legal costs cover primarily focused on charter party disputes) and charterers liabilities. For goods being shipped by sea (and onwards across worldwide transportation and distribution systems), risks such as loss, theft and damage are common loss events which need to be covered through cargo and shipping insurance.
Who are the typical buyers for marine insurance?
The global maritime transportation system is complex. Insurance cover is provided to support stakeholders across the value chain, from maritime financing institutions, shipowners, operators and charter parties to shipyards and port and terminal operators.
Where do marine insurance brokers place marine risk?
The traditional centre of Marine insurance activity has been the London Market and Lloyd’s of London. However, the Nordic Hull market is now bigger than London’s in terms of annual gross written premium. Marine markets in the USA and Singapore are also strong, across multiple lines of cover. For specialist P&I and related coverages, this type of risk is written in the mutual model by 13 P&I clubs.
For what risks do Port & Terminal owners and operators need to seek cover?
Port and Terminal operations are diverse, and their associated shore-side and off-shore risks varied. However, there are key areas of exposure where coverage is generally required: construction and redevelopment, operational liabilities including environmental, property and handling equipment, revenue stream risks, political violence, and terrorism and cyber.
Who needs Cargo insurance?
Goods owners (manufacturers/wholesalers/retailers) from many different industries need to protect the value of their property or stock in transit or in storage, as it moves through the global supply chain, by taking out cargo insurance cover. The senders of goods, carriers, freight forwarders and other logistics operators also need to insure their liabilities in the case of cargo loss or damage, and their revenue streams in relation to business interruption risks. The marine and cargo insurance markets are diverse and provide opportunities for a wide range of insurance products related to the movement and storage of goods and equipment. Common commercial insurance products relate to stock throughput, project cargo, and war and political risk.
Where is the best place to buy Yacht insurance?
Marine hull and machinery and liability risks apply to any vessel operating at sea or upon inland waterways, from bulk and container carriers to cruise ships and super yachts. Like other forms of marine insurance, yacht insurance can be purchased from various marine insurers worldwide who are experts in this class of business. Acquiring marine insurance through a broker can provide assurance on policy terms, price, and coverage, as well as leveraging the broker’s claims management expertise, especially in the event a claim is needed to be made for against a yacht.
What are the emerging risks for shipping?
The shipping industry has powered global trade for millennia and Marine insurance is one of the oldest forms of pooled risk management. The transition to new fuel technologies and net zero (and accompanying regulatory regimes), cyber, geopolitical, and pandemic risks have all been cited as emergent factors that have the potential to disrupt individual and global marine operations and trading patterns as we move towards mid-century. Insurance providers will need to develop their underwriting strategies, products, and portfolios in order to continue to protect and advance the industry we serve.