As with all insurance, you get the peace of mind that should something go wrong, you are covered. Marine insurance, specifically, factors in all risks including the risk of losing valuable cargo or ships, damage due to the environment, and losing lives due to accidents. Much like certain coverages found in auto
insurance policies, if the hull or inner workings of the ship are damaged, your ship is covered. Protection & Indemnity Insurance covers liabilities to the third party and risks not covered by standard hull and machinery policies.