There are many different types of ships in existence, from old wooden sailing ships to the most modern cruise vessels, but the basic things that the insurers are considering are the same for all of them. These points include the ship’s age, when and where she was built, her construction material, what she is used for and where she is being operated in the world.
Insurers will also look at the regulatory regime the ship is operating under (known as her Flag) as this will give a good indicator as the rigour by which the ship is regularly checked for compliance with International law, and hence the general operational standards applied.
Obviously insurers will also look at the individual loss record as well as their previous experience with any particular type of vessel.