Liability Insurance
Liability insurance is a type of insurance that provides coverage to the insured party for claims made by third parties for damages or injuries caused by the insured party. In the maritime context, liability insurance is essential for shipowners, operators, and charterers to protect themselves against claims arising from accidents, collisions, pollution, cargo damage, and other incidents that may occur during the operation of a vessel. Liability insurance policies typically cover legal defense costs, settlements, and judgments up to the policy limit. The types of liability insurance available in the maritime industry include Protection and Indemnity (P&I) insurance, Hull and Machinery (H&M) insurance, and Freight, Demurrage, and Defense (FD&D) insurance.
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