Which property interests can be covered by ocean marine insurance?

Ocean marine insurance contracts are designed to cover four primary types of property interests:1

• The vessel or hull: This insurance covers losses to the ship itself resulting from specified perils.1
• The cargo: This protects the goods being transported. Coverage is often managed through open contracts, where insurance automatically transfers to the party holding legal title to the goods as they move from seller to buyer.1
• Freight revenue: This covers the revenue a shipowner expects to receive. If the freight bill must be paid regardless of delivery, it is insured as part of the cargo value; if payment is contingent upon safe delivery, it is insured as part of the hull coverage.1
• Legal liability: This covers the owner or operator against negligence claims, such as those arising from collisions with other vessels or damage to third-party property.12

Beyond these core interests, shipowners often utilize "protection and indemnity" (P. and I.) insurance to cover broader liabilities, including personal injury, cargo damage, and damage to fixed objects like piers or bridges.23