Special Marine Risks

Loss of hire

Loss of income as a result of the vessel being damaged and thus unable to navigate due to a marine perils excluding total loss of vessel.

This insurance will generally have a deductible period of 14 days (for certain trades and vessels a lower level is obtainable). Cover is available for a certain no of days and with a yearly limit. (e.g. 14 days deductible, 90 days per claim and 180 days in all per year - 14/90/180).

Consequential loss

Loss of anticipated profit following marine perils.

Passage money

Cover for loss of expected revenue of a vessel by way of passage money, following partial or total loss.

Loss after confiscation (drugs)

Loss of income whilst vessel has been arrested following drugs seizure.

Strike (crew and/or shore)

Daily running costs during delays during or after a strike. Delay cover under this class can also be obtained for other perils than strike (pls view Trade Disruption Insurance.)

Sellers/buyers cancellation/delay

Cover for cancellation of a sale/purchase contract by reason of vessel being unable to meet the canceling date by reason of a peril insured under a marine policy.

Trade disruption

Charterers default

TDI is a relatively new form of insurance used by shipowners, charterers and managers/operators of cruise vessels as well as terminal operators to protect the daily earnings of the vessel from environmental, physical and political risks. Also please note that several political risks are covered by this type of insurance.

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 Swedish, 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

Time charterer default

The Time Charter Default Policy provides a guarantee of a secured value for the charterparty in the event of the financial failure or protracted default of the charterer, either because the charterer has become insolvent or has failed to pay within six months of the due date under the charterparty.

Voyage charter default

The Voyage Charter Default Policy provides a guarantee of a secured value for the charterparty in the event of the financial failure or protracted default of the charterer.

Subject to the terms of the policy, the policy will pay freight, deadfreight and demurrage due and owing by the charterer to the owner which has not been paid either because the charterer has become insolvent or has failed to pay within six months of the due date under the charterparty.

 

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