Specialist Policies

Various types of specialist policy exist, including:
New building risks: This covers the risk of damage to the hull whilst it is under construction.
Yacht Insurance: Insurance of pleasure craft is generally known as 'yacht insurance' and includes liability coverage. Smaller vessels, such as yachts and fishing vessels are typically underwritten on a 'binding authority' or 'line slip' basis.
War risks: Usual Hull insurance does not cover the risks of a vessel sailing into a war zone. A typical example is the risk to a tanker sailing in the Persian Gulf during the gulf War risks cover protects, at an additional premium, against the danger of loss in a war zone. The war risks areas are established by the London-based Joint War Committee, which has recently moved to include the Malacca straits as a war risks area due to privacy. If an attack is classified as a "riot" then it would be covered by war risk insurers
Increased Value (IV): Increased Value cover protects the ship owner against any difference between the insured value of the vessel and the market value of the vessel.
Overdue insurance: This is a form of insurance now largely obsolete due to advances in communications. It was an early form of reinsurance and was bought by an insurer when a ship was late at arriving at her destination port and there was a risk that she might have been lost (but, equally, might simply have been delayed). The overdue insurance of the Titanic was famously underwritten on the doorstep of Lloyd's.