Today's shipping industry has many active beneficiaries whose existence cannot be denied. The insurer is one of these beneficiaries. In this regard, they significantly contributed to the development of maritime law from the beginning, and so far their traces can be seen in various maritime codes or conventions. Their efforts, policies, and accuracies have promoted maritime safety and the rescue of distressed ships. Furthermore, in the recent times insurance or equivalent financial guarantee is a requirement for ships to access ports and coastal waters. Since their existence is crucial for maritime trade, it’s now evident that probing and utilizing of their ability to protect human lives and the environment at sea will be significant. This study intends to evaluate their efficiency in development of maritime safety and identification of any possible legal gaps.