Legal Definitions - assecurator

An assecurator is a legal term used in the context of marine insurance to refer to the party that provides insurance coverage. Essentially, it is another name for an insurer or underwriter in maritime law, taking on the risk of loss or damage to ships, cargo, or other marine interests in exchange for a premium.

• Example 1: Cargo Protection

  A textile company in Vietnam arranges to ship a large container of fabric to a clothing manufacturer in the United States. Concerned about potential damage or loss during the long sea voyage, the textile company purchases marine cargo insurance. The insurance company that issues this policy, agreeing to compensate the textile company if the fabric is ruined by seawater or lost overboard, is acting as the assecurator.

• Example 2: Vessel Coverage

  A ferry operator owns several passenger vessels that transport people and vehicles across a busy bay. To protect their significant investment in these ships from risks such as collisions, mechanical breakdowns at sea, or severe weather damage, the operator secures comprehensive marine hull insurance for their fleet. The insurance firm that underwrites these policies and commits to covering the costs of repairs or replacement if a ferry is damaged is the assecurator.