Marine business is one of the oldest areas of insurance. The current working environment has been created by historic case law with the 1906 Marine Act formulating much additional regulation and securing some standardisation of definitions. The market comprises insurance companies and Lloyds underwriters. There is some mutual pooling of risk by ship owners but this is mainly confined to P&I clubs (Protection and Indemnity) covering liabilities of shipowners to cargo owners and third parties.
There are various classes of Marinebusiness showing different characteristics :