Types of risks and coverage considered
Institute Time Clauses but will consider all internationally recognised wordings, including Owners Special Clauses, depending on the specifics of the risk and on a case-by-case basis. The different types of cover we provide can be summarised as follows.
Hull and machinery
- Cost of repairing physical loss or damage to the vessel.
- Reimbursement following a total loss of a vessel, either actual or constructive.
- Expenses to prevent or mitigate a loss (sue and labour, salvage, general average).
- Collision and third-party liabilities.
- Expenses associated with claims (survey fees, expert fees etc.)
Short-term risks
- Physical loss or damage whilst a vessel is laid up for an extended period, usually in excess of 30 days. Coverage can be extended to include limited navigation depending on the type of risk.
- Tows – Demolition and repositioning voyages.
- Under own power – Demolition and repositioning voyages.
Increased Value/ Disbursements/ Freight Interest
- An agreed amount paid triggered by total loss on the hull and machinery policy covering the anticipated future earnings of the vessel providing cover that is traditionally excluded by a loss of hire policy.
Ship builders and ship
conversion risks
- Physical loss or damage whilst a vessel is being constructed, undergoing conversion or repair works.
Loss of Hire/ Earnings
- Cover for loss of charter / income following physical damage to the vessel.
Marine War cover
- Physical loss or damage to the vessel caused by a war peril.
- Loss of Hire / earnings as a result of a war peril.
- Drugs seizure cover for innocent owners and operators.