Marine Insurance Premium Calculator
Estimate hull and P&I insurance premiums from vessel value, age, and trade area risk.
Inputs
$
years
% of value
Results
Total Annual Premium
$50,472.00
≈ 5 years of state college
Hull & Machinery$34,560.00
P&I Premium$9,000.00
Loss of Hire$6,912.00
Effective Rate1.01%
Deductible Amount$100,000.00
How to Use This Calculator
- Enter the vessel's insured value in dollars and the vessel age in years.
- Select the trade area risk level: low (coastwise), medium (ocean), or high (war zone/ice/piracy).
- Choose the claims history: clean, minor claims, or major claims.
- Set the deductible as a percentage of vessel value.
- Review the total annual premium broken down into hull & machinery and P&I components.
How the result changes with Vessel Value
| Vessel Value | Total Annual Premium |
|---|---|
| $50,045,000.00 | $505,174.25 |
| $175,032,500.00 | $1,766,848.07 |
| $325,017,500.00 | $3,280,856.65 |
| $450,005,000.00 | $4,542,530.47 |
What each input means
- Vessel Value
- Current insured value of the vessel.
- Vessel Age
- Age of vessel in years. Older vessels attract higher premiums.
- Trade Area Risk
- Higher-risk areas significantly increase premiums.
- Claims History
- Claims history in the past 3-5 years.
- Deductible
- Higher deductibles reduce premium cost.
How this is calculated
Worked example, using the default values
- Identify Input Parameters4 parametersVessel Value = 5000000, Vessel Age = 10, Trade Area Risk = 0, Claims History = 0 = 5 input(s) provided
- Calculate Total Annual PremiumTotal Annual Premium50472 = $50,472
- Calculate Hull & MachineryHull & Machinery34560 = $34,560
- Calculate P&I PremiumP&I Premium9000 = $9,000
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