Named after a ship called the Inchmaree which suffered damage as a result of the breakdown of a pump. A British Court, in 1884, held that such an accident was not a peril of the sea and so not covered by the standard wording of insurance contracts of the time.
Since then, maritime insurance contracts specifically address that by including a comprehensive clause on such risks that, while not directly linked to perils of the sea, noentheless relate directly to shipping; called an Inchmaree Clause.
REFERENCES:
Thames and Mersey Marine Insurance Co Ltd v Hamilton, Faser & Co (1887) 12 AC 484