Over the past two weeks, the world has been fascinated by the woes of the ship Ever Given stuck in the Suez Canal, blocking traffic and trade for several days. As the world watched attempts to free the ship and resume ship traffic, we thought it would be a good time to highlight marine terms related to insurance.

While there wasn't any real property damage, the insuring of vessels and their cargo is a little different than your average property claim. There are liability issues from holding up the other ships that couldn't pass through the canal to deliver goods. The coverage is known as property and indemnity, or P&I coverage, and provides liability coverage for the marine industry surrounding the ownership and operation of a vessel.

Coverage includes liability for third-party risks for damage to cargo during transit, environmental damage such as oil spills and pollution, and war and political risks. Other coverages include coverage for personal injury, illness and death claims from crew members, passengers and others; liability claims from collision with other vessels, removal of wrecks, damages or loss of cargo, damage to fixed or floating objects.