impact of corona virus on marine insurance

This paper has been prepared by studying and researching related articles and website in the field of impact of coronavirus on marine insurance COVID-19 affects the wider maritime industry, including marine insurance. The virus has reduced the traffic of vessels and this has had a positive effect on the claims of part of the hull and machinery insurance, but the corona virus has reduced and limited the inspection of the ship by the technical superintendent, class survey, flag and port control. This factor causes attendance of ship staff reduce which it is including maintenance of machinery, secure of spare parts and eventually it affected on standard of vessel and can increase risk of incident and accident. Therefore once the situation normalizes, there is a possibility of a sharp increase in attritional claims. in part of P I club ,quarantine expenses, seafarers’ illness and even death, repatriation costs and substitute expenses, passenger liability, diversion expenses, fines and cargo-related claims all come into play and causes insurance premiums be increased.