Marine Peril means the reason behind the loss of a shipment. That means, for which reason the ship has been damaged is called the peril of the ship mishap. The term marine peril is used on marine insurance. Marine perils can be divided into two major groups, such as, natural perils and man-made perils. Both of the perils are described below.
Natural Perils: Natural perils are those in which there is no interference of human being. Rather, it is totally because of any natural calamity or disaster. For example, a ship may be damaged or destroyed because of any sudden storm, thunder, by sinking, by colliding with any unexpected ice burg or by sudden raise in the waves. All these things happen naturally. No human being is responsible for it and no one has any control on it. So, if any damage is occurred to the ship because of these natural calamities, they will be called natural perils.
Man- made Perils: If any kind of damage is occurred to the ship due to any fault of any man or person, it will be called Man- made peril. There can be different types of perils which is occurred because of men. Some of them are given below.
Fire: Because of the carelessness of any people, there can be fire on a ship which will affect and harm the people as well as the goods on the ship. That is why; it is called the man- made peril.
Pirates: There can be found pirates in the ocean who can harm the people and all the things of a ship. This is also made by men. So, it is also called man- made peril.
Explosion: If there is any explosion because of the irresponsibility of the people of a ship, all the damage that will occur will be called man- made peril.
There are many more natural and man- made perils which are responsible for any damage or destruction of a ship. The insurer justifies the proper reasons of being damages. So, the insurance policy holder must know the details of each marine peril.