Classification of Marine Peril
Marine perils mean the loss of cargo. So, whatever is the cause of damage to the ship, it is called the risk of shipwreck. The term marine risk is used for marine insurance . Marine hazards can be divided into two main groups such as natural hazards and man-made hazards. Both risks are described below.
Natural disaster. A natural disaster is a disaster in which there is no human intervention. Rather, it is entirely related to some kind of calamity or natural calamity. For example, a vessel may be damaged or destroyed by a sudden storm, thunderstorm, flood, sudden collision with an icebreaker, or sudden swell. All these things happen naturally. No one is responsible for it, and no one has control over it. Therefore, if the ship is damaged due to this natural disaster, it is called a natural disaster.
Man-made danger . If a ship is damaged by the fault of a person or body, it will be called a man-made hazard. There are all kinds of dangers that arise because of men. Some of them are shown below.
Fire. Due to the carelessness of everyone on board, a fire can occur, affecting and damaging people and goods on board. This is the reason; these are called man-made hazards.
Pirates. In the ocean you can find pirates that can harm people and all the property of the ship. Men do too. That is why it is also called a man-made hazard.
Explosion. If the explosion occurs due to the irresponsibility of the ship's crew, any damage that occurs will be termed as a man-made hazard.
There are many other natural and man-made hazards responsible for damaging or destroying ships. The insurer proves the exact cause of the damage. Hence, insurance policy holders need to know the details of each marine peril.
Natural disaster. A natural disaster is a disaster in which there is no human intervention. Rather, it is entirely related to some kind of calamity or natural calamity. For example, a vessel may be damaged or destroyed by a sudden storm, thunderstorm, flood, sudden collision with an icebreaker, or sudden swell. All these things happen naturally. No one is responsible for it, and no one has control over it. Therefore, if the ship is damaged due to this natural disaster, it is called a natural disaster.
Man-made danger . If a ship is damaged by the fault of a person or body, it will be called a man-made hazard. There are all kinds of dangers that arise because of men. Some of them are shown below.
Fire. Due to the carelessness of everyone on board, a fire can occur, affecting and damaging people and goods on board. This is the reason; these are called man-made hazards.
Pirates. In the ocean you can find pirates that can harm people and all the property of the ship. Men do too. That is why it is also called a man-made hazard.
Explosion. If the explosion occurs due to the irresponsibility of the ship's crew, any damage that occurs will be termed as a man-made hazard.
There are many other natural and man-made hazards responsible for damaging or destroying ships. The insurer proves the exact cause of the damage. Hence, insurance policy holders need to know the details of each marine peril.
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