Trade Disruption Insurance (TDI)
TDI is a relatively new form of insurance used by shipowners, charterers & managers/operators of cruise vessels to protect the daily earnings of the vessel from environmental, physical and political risks.
The product is a form of Loss of Hire that excludes machinery damage. TDI responds in three specific ways:
- Loss of Earnings
- Additional Cost and Expenses
- Contractual Penalties
Perils that can be insured are:
- Fire or explosion on land
- Storm, hurricane, tempest, flood, snow, ice, fog, lightning or any other extraordinary weather
- Earthquake, heave, landslip, subsidence or volcanic eruption
- Aircraft impact
- Capsize of Conveyance
- Emergency port closure
- Hulls perils - this can be substituted for Norwegian, Finnish or American hull plans depending on our client’s requirement.
- Abnormal obstruction of a berth *Master’s refusal -
- Border closure
- Expropriation
- Embargo
- Vandalism