Marine - Products and services

Our range of marine insurance products

Hull & Machinery

A Hull & Machinery policy covers the insured's losses resulting from physical damage to the ship and on-board equipment.

Loss of Hire

Loss of Hire policies cover the insured's loss of income as a result of the vessel being out of operation because of damage or because it is prevented from leaving a port by a physical obstruction.

The damage that prevents the vessel from sailing regularly must be recoverable under the Hull & Machinery policy in order to be claimed under a Loss of Hire policy.

Total Loss (IV & FI)

These policies cover the insured's loss if a ship is lost without there being any prospect of it being recovered or if the ship is so badly damaged that it cannot be repaired.

Hull Interest represents a standard total loss insurance, available to the insured in all markets. The sum insured is normally stipulated up to a maximum of 25 per cent of the Hull & Machinery sum insured.

Freight Interest is a separate total loss insurance, available in some markets, that covers the insured against the loss of long-term freight income in case of a total loss. The sum insured is normally stipulated up to a maximum of 25 per cent of the Hull & Machinery sum insured.

War

War risks are those related to two (or more) belligerents engaging in hostilities, whether there has been a formal declaration of war or not.

An insurance against war perils normally covers the following risks:

- War or war-like conditions

- Use of arms or other implements of war in wartime, or in the course of military exercises in peacetime

- Capture, condemnation in prize, confiscation and other similar interventions by a foreign state or power

- Riots, strikes, lockouts, sabotage, etc.

- Piracy and mutiny (depending on which set of conditions is applicable)

War policies are closely linked with marine policies. In order to avoid any gaps in cover, we recommend that the insured covers both policies under the same set of conditions.

MII/MAP

Mortgagee’s Interest Insurance (MII)

The Mortgagee’s Interest Insurance (MII) covers the bank/lender’s interest in the mortgaged vessel. The cover is secondary to the vessel's actual primary insurance, such as Hull & Machinery, Hull Interest, War and P&I insurance.

Mortgagee’s Interest Insurance, Additional Perils (Pollution) (MAP)
The Mortgagee’s Interest Insurance Additional Perils (Pollution) covers the bank/lender’s interest in the mortgaged vessel, should the vessel pollute oil and be exposed to Legal Liabilities for amounts in excess of the limits of liability under the Owners´ P&I Policies and Club Entries.

Limited P&I & passenger liability

P&I

Our P&I policy covers smaller vessels with up to 299 GT.

The P&I covers all Shipowners 3^rd oarty liability that is not covered under the vessels Hull insurance, such as:

- Injury and loss of human life including salvage.
- Damage to objects belonging to third parties.
- Pollution
- Wreck removal - within 3 years from the time when the relevant authority has determined that the wreck poses a risk, to a maximum of 6 years from the accident occurrence, which caused the wreck.

Passenger Liability
The Passenger Liability insurance covers the liability for damages the insured incurs during the period of insurance either as an owner or as a user of the vessel in respect of injury or loss of life for passengers carried on-board.

Anyone, who uses the vessel with the insured’s permission, is equally covered.

‘Passenger’ means any person carried or to be carried on a vessel under a contract of carriage as well as any person who, with the permission of the insured, is accompanying cargo.

Ship Repairers' Liability

Liability for Shipyard

The insurance covers liability incurred both by the insured (the yard), arising out of faults or neglects in connection with repair work to ships and vessels, and to the owner of the ship as a result of damage to the ship or its outfit:

- during the execution of repairs, rebuilding or installation work or guarantee overhaul at the yard or elsewhere;

- during the ship's lay-up at the yard while offers are obtained or during survey or while being removed within the harbor in which the yard is situated;

- where liability towards third parties arises in connection with the yard's work on the ship, as outlined above

The third party liability cover also includes compensation arising out of loss of life or injuries.

Builders' Risk

The Builders Risk Insurance covers the interest of both the builders and the owners in vessels under construction. The cover expires when the vessel is taken over by the owners/buyers.

Damage to Repair Work

This insurance covers damage to repair work carried out on vessels while at the Insured’s shipyard or in the port of repair, as well as damage to parts or materials which have been manufactured or purchased specifically for repair work in progress and which are located at the shipyard or in the port of repair, and where the risk/ownership still rests with the shipyard.

The insurance shall provide cover from the arrival of the vessel to the shipyard and shall expire on delivery of the vessel to the shipping company or earlier if the risk transfers to the shipowner at an earlier stage.

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Our range of marine insurance products

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