How would you explain what marine insurance is to your kids?


Every time we drive through Hamburg, my kids always point are the ships with same excitement I had growing up.

I have been wondering how best to explain the business of shipping to them but have always struggled with marine insurance.

So how’s this for a go?

I would open up the conversation like this:

Imagine a superhero, Captain SafeSail, who protects ships and their treasures from dangers like storms and pirates. Just like superheroes protect people, there’s something special that protects ships and their cargo. It’s called marine insurance!

What is Marine Insurance?

Marine insurance is like a magic shield for ships and the things they carry. Imagine you’re riding your bike with a helmet. If you fall, the helmet keeps you safe. Marine insurance does that for ships. If something bad happens to the ship or the things it’s carrying, marine insurance helps fix the problems.

Why is Marine Insurance Important?

Let’s tell a story! Picture a brave ship, The Ocean Explorer, on a grand adventure across the sea. It faces wild storms, tricky pirates, and even gets lost! Marine insurance is like the ship’s secret weapon. It helps the ship’s owner not lose all their money if something unexpected happens, like a storm damaging the ship.

Types of Marine Insurance

Hull Insurance: This is like a suit of armor for the ship itself, keeping it safe.
Cargo Insurance: Imagine the ship is carrying a treasure chest full of toys. If these toys get lost or broken, cargo insurance helps get new toys.
Liability Insurance: Sometimes, the ship might accidentally bump into something. This insurance is like saying “sorry” and helping to fix what was broken.

How Does Marine Insurance Work?

Suppose The Ocean Explorer was carrying a chest of toys for a birthday party, but a big wave splashed and ruined them. Marine insurance is like a magical helper that brings new toys so the party can still happen!

Fun Facts About Ships and Seas

Did you know the biggest ship is as long as four soccer fields?
There are places in the ocean deeper than the tallest mountains!

I would end up by saying:

Just like Captain SafeSail, marine insurance helps keep things safe and sound. It’s important to be ready for surprises and protect the things we care about. If you were the captain of a ship, what would you do to keep it safe?

How would you do it?