Interests in boats, vessels and naval equipment, including those under construction or in the process of scrapping, the freight, cargo, civil liability arising from the exercise of navigation and any other legitimate heritage interests exposed to the risks of sea navigation may be subject to maritime insurance. This is set out in Article 409 of Law 14/2014 on Maritime Navigation.

An example prior to the Commercial Code of 1885 is the maritime insurance policy granted by the Real Compañía de Seguros Terrestres y Marítimos [“Royal Company of Land and Sea Insurance”] on 21 June 1791, in the City of Madrid, insuring Thomas Cólogan for twenty-one thousand reales de vellón based on the value of fifteen pipes of wine from Tenerife shipped on the English brig named La Isabelitta, with Captain Guillermo Uxin, in the Puerto de La Orotava with the destination of London, first passing by the ports of Penzance or Falmouth, if it was convenient.