Marine Insurance (or Maritime Insurance)has its origin in the Greek and Roman maritime loan. Separate marine insurance contracts were developed in the 14thcentury where premiums varied with intuitive estimates of the variable risk from seasons and pirates.
Modern marine insurance has its roots from the late 17th century when (in 1680s), Edward Lloyd opened a coffee house on Tower Street in London. It soon became a popular haunt for ship owners, merchants, and ships' captains, and thereby a reliable source of the latest shipping news. Lloyd Coffee House went on to become the first Marine Insurance Company.
It became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, and those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses.
In the 19th century, Lloyd's and the Institute of London Underwriters developed between them standardized clauses for the use of marine insurance, and these have been maintained since. These are known as the Institute Clauses because the Institute covered the cost of their publication.
Alinma Tokio Marine Company (ATMC) provides comprehensive marine insurance coverage to its customers, which includes the following products:
- Marine Cargo Voyage
- Marine Cargo Open Cover