Insurance is an economic activity which provides interested parties with economic protection from various dangers that threaten their property or physical integrity. This protection is achieved by concluding an insurance contract. By insurance contract it is also possible to insure interests that are endangered in maritime navigation. Marine insurance as a legal business insures vessels and other floating objects, goods transported by vessels, the liability of shipowners and other interests exposed to the risks of the sea or which are related to the performance of navigation at sea. In addition to the general provisions of the maritime insurance contract, Maritime Code also contains special provisions on vessel insurance that are of a dispositive legal nature, which also means that the contract of the parties is the basic legal source for regulating relations from this insurance. When insuring vessels, standardized insurance conditions are used, whereby the agreed conditions are an integral part of the contract. The most well-known conditions for vessel insurance in international navigation are Institute Hull Clauses. Institute Time Clauses (Hulls) are a fundamental example of vessel insurance. The institute clauses contain the risks from which vessels in the international navigation are insured. In this thesis risks and damages provided by the Institute clauses for vessel insurance are presented and analyzed.