To be able accurately assess and manage the risk and losses to this unique line of business, Infinite Observations has developed damage functions for sub-perils or (weighted) combinations of these sub-perils. Vulnerability of marine vessels are modelled using the relative damageability characteristics of the vessel that are factored into the (average) damage functions, which vary depending on risk and the length of input to describe the vessel, such as type, size, and age, manufactured location, codes and standards, practices, powered, sailed or moored, riggings, hull type, engine and auxiliary engines/motors, and other components, as well as cargo, contents and inventory. The importance of the actual spatial and temporal parameters cannot be overstated when determining losses in relation to localized hazards. The models can be validated in its entirety or model components can be validate independently against information and research from industry sources as well as historic events.