Industry Glossary

Glossary Terms:

1. P&I Insurance (Protection & Indemnity)
   Covers a wide range of third-party liabilities including crew injury, pollution, and cargo damage.
   
2. H&M Insurance (Hull & Machinery)
   Protects the physical hull and operational equipment of a vessel from damage or loss.
   
3. CMR Convention
   An international agreement governing road transport liability across European borders.
   
4. General Average
   A maritime principle where all stakeholders share losses resulting from a voluntary sacrifice during a voyage.
   
5. Demurrage
   Penalty charged when a vessel is delayed beyond the agreed loading or unloading time.
   
6. Cyber Risk Insurance
   Coverage for losses from cyberattacks, including data breaches, ransomware, and operational disruption.
   
7. Charterer’s Liability
   Insurance protecting charterers from claims related to ship damage, cargo loss, or third-party liability.
   
8. FFL (Freight Forwarders Liability)
   Covers freight forwarders for loss, damage, or delay of cargo under their care.
   
9. Loss of Hire Insurance
   Compensates shipowners for lost income when a vessel is out of service due to covered perils.
   
10. War Risk Insurance
    Provides protection against damage or loss caused by war, piracy, or terrorism during maritime operations.