MARINE HULL AND MACHINERY
Marine Hull and Machinery insurance is coverage against the risk of loss and damage to the ship and its engine, including coverage of third parties who have been injured in the event.
Objects that can be insured:
- Bad Weather
- Fire and Explosion
- Collision and Sink
- Machinery damage
- Third-party responsibility
Excluded Risks
- Rebellions, strikes, labor disruptions, riots, civil unrest, treason, revolutions, civil wars, power struggles, or actions by government authorities.
- Loss or damage due to mistakes made intentionally by the Insured.
- Loss or damage due to errors made by themselves or the nature of the insured object.
- Loss or damage due to direct or indirect errors in the use of weapons or war equipment.
Companies that need this insurance:
- Shipping companies.
- Ship owners.
- Companies that need sea-shipping services.
WRECK REMOVAL AND OIL POLLUTION
Wreck Removal and Oil Pollution is an insurance that provides protection from the risk of liability costs for removal of the wrecks (wreck removal) by the port authority which can be extended to the risk of oil pollution (pollution liability).
P&I (Protection and Indemnity)
P&I (Protection and Indemnity) provides insurance coverage for various impacts arising from the operations of a ship, such as environmental pollution.
Objects that can be insured:
- Environmental pollution.
- Damages to a ship without any touchings.
- Collision with another ship.
Companies that need this insurance:
- Ship-building companies
- Ship-ordering companies
- Companies that need sea-shipping services
MARINE CARGO
Marine Cargo provides compensation to the Insured for all risks that may arise when transporting goods at sea.
Objects that can be insured:
- Loss or damage to the insured object.
- General average and rescue costs.
- Boat collision in which both are guilty.
Excluded Risks:
- Damage or expense due to mistakes made intentionally by the Insured.
- Damage or expense due to personal error or the nature of the insured object.
- Damage or expense due to the financial failure of the owner or operator of the ship.
- Damage or expense due to direct or indirect mistakes in the use of weapons or war equipment.
- Imperfections of containers or conveyances for the transportation of insured objects.
Companies that need this insurance:
- Trading companies.
- Construction companies.
- Manufacture companies.
- Other companies that need freightage.
PERSONAL ACCIDENT (SHIP’S CREW)
Personal Accident (Ship’s Crew) is a personal accident insurance program that provides payment of the sum assured if the insured has an accident.
