Marine Insurance

Home Marine Insurance

Vessel

 We provide security for the following risks:

  • HULL AND MACHINERY
  • PROTECTION AND INDEMNITY
  • CHARTER LIABILITY
  • LOSS OF HIRE
  • KIDNAP AND RANSOM
  • WAR

 

Hull & Machinery Insurance

Scope of cover includes:

  • total loss (actual or constructive) of the vessel;
  • damage to hull, machinery, equipment and everything connected therewith;
  • general average;
  • salvage, salvage charges;
  • charges properly and reasonably incurred for the purposes of averting or minimizing a loss (Sue & Labour);
  • collision defence or attack costs;
  • dry docking expenses to survey underwater part of the hull after grounding or stranding even if no damages were found.

 

Protection & Indemnity Insurance

Insurance is provided to cover following liabilities:

  • liability to persons other than crew;
  • collision with other ships;
  • loss or damage to property of third persons;
  • pollution;
  • wreck removal;
  • loss or damage to cargo or towed object;
  • towage liability;
  • quarantine expenses;
  • general average and salvage;
  • loss or damage to property on the insured vessel;
  • special compensation to salvors;
  • fines;
  • sue and labour and legal costs;
  • liability of salvage operations;
  • liability performing hidrotechnical operations;
  • liability of time-charterer.

 

Shipowner’s Crew Liability Insurance

Scope of cover includes:

  • Ransom – cash, goods or services surrendered to meet a kidnap or extortion demand;
  • Ransom in Transit – loss in transit of the ransom by destruction, disappearance, theft or seizure;
  • Legal costs – damages, defence expenses and other costs;
  • Additional expenses – public relations experts, interpreters, travel and accommodation, psychiatric, medical and dental care, legal advice, rewards, advertising, 100% of victim’s gross salary, interest on loans, communications equipment, forensic analysis, rest and rehabilitation costs, cosmetic and plastic surgery, personal financial loss, all other reasonable costs resulting from an insured incident;
  • Response consultants – the fees and expenses of response consultants.;
  • Personal accident – death, injury or mutilation that arises as a result of an insured incident.
  • Personal Accident can be included with benefits for death, loss of limb/sight, permanent total disablement, loss of extermity.
  • Limits from 1 mln USD up to 15 mln USD.

 

Kidnap & Ransom

Insurance is provided to cover compensation in case of:

  • accidental death;
  • permanent total disablement (in accordance with Continental Scale of Benefits);
  • temporary total disablement.

In case of accident or illness of crew member the following expenses are payable:

  • medical expenses;
  • repatriation costs;
  • replacement and rearrangement expenses;
  • deviation costs.

 

Yacht

 Our professional underwriters will help yacht Owner to find the best insurance for the boat and calculate the amount of insurance premium based on a list of necessary risks.

Owner can secure the following risks:

  • HULL
  • THIRD-PARTY LIABILITY
  • PERSONAL ACCIDENT
  • CREW LIABILITY
  • SKIPPER LIABILITY
  • CHARTER
  • WAR

 

Reliable all-round protection

Yacht hull conditions cover damage to yacht, as well as equipment and accessories, resulting from, amongst others, theft, fire, acts of God, sinking, flooding, grounding, collision or piracy.

 

Reimbursement without deductions

Owner will get a fixed insurance sum, which will be reimbursed in the event of total loss without any deduction for actual cash value, so that Owner is able to afford an equivalent vessel.

 

Salvage

Unlimited costs are covered without excess in the event of salvage or wreck removal.

 

No excess for you

No excess will be charged in the event of total loss, burglary, transport damage, fire, lightning strike, damage to personal effects and many other events.

 

New for old

If the vessel is damaged and needs new parts for repairs, Insurer will cover partial damage without deduction for actual cash value, up to the agreed insurance sum.

 

Inspection costs included

If Owner has grounded the vessel, the necessary inspection costs are covered without excess, irrespective of whether any damage is established.

 

Abandoned yacht

Insurer considers the abandonment of a vessel due to danger to life and limb to be an insured event if the vessel is still missing after three months.

 

Construction and material errors

Consequential damages resulting from construction or material errors, as well as wear and tear resulting from normal use, are fully covered in the event of an insured peril. Only the damage to the directly affected part is excluded.

 

Transport and storage

Land and river transport of the yacht are covered, as are slipway and crane procedures, winter storage and shipyard and repair stays.

 

Fast breakdown assistance

Costs for assistance in an emergency, e.g. towing to the nearest shipyard or delivery of fuel and replacement parts, are covered up to a total of EUR 5000.

 

Reliable all-round protection

Personal injury, as well as material and nancial damage, are covered all over the world. This also applies to claims by crew members, for example against the skipper or against other crew members.

 

Protection for the skipper

With yacht liability conditions, Owner is also automatically insured as skipper of a hired or chartered motorboat or sailing yacht.

 

Regatta

Insurer’s yacht liability insurance covers regatta risks as standard.

 

Defence against unjustified claims

Legal defence against unjustifed claims for damages by third parties is also automatically included.

 

Additional sports equipment

Damage arising from the use of dinghies and watersports equipment belonging to the vessel is also insured.

 

Water pollution

Damage arising, for example, from water contamination, including groundwater, is covered.