Insurance has for centuries been closely connected to the transport industry, especially maritime transport. Maritime transport is probably the most regulated activity in terms of applicable conventions, regulations, laws and other public law acts, including the typical autonomous sources of maritime law. On the other hand, maritime insurance, as part of non-life insurance, offers the most freedom in negotiating the terms to both the insured parties (usually the ship manager) and the insurer. Considering this is the first conference of this format in the Republic of Croatia, the author of this paper would like to present the role of transport, i.e. maritime insurers.
The first part of the paper will feature general information on the extent of the portfolio of transport insurance policies, which includes over 50 different insurance products, with an emphasis on maritime, i.e. hull and machinery insurance. The latter generates approximately 25% of the world transport insurance premium and, due to its pronounced global aspect, places before the marine underwriter the additional requirement of knowing and understanding the legal aspects of these types of risk.
The second part of the paper will include and analysis of the basic document which regulates the legal relationship of the insured party and the underwriter – terms of hull and machinery insurance for ships in transit. Considering the international character of ships in transit, in practice, and especially in European practice, several terms of insurance apply, such as the Institute Time Clauses – Hulls of 1983, International Hull Clauses of 2003, DTV Clauses, etc. A comparative analysis of these terms will be provided, along with commentaries from practice.
