We can either offer the 100% cover for the Hull & Machinery insurance of a ship or a percentage of share line. Our Underwriters either act as Leaders or as followers depending on each case. Every Underwriter may have capacity to cover from US$ 5 Millions upto US$ 50 Millions for each one accident or ocurence. This means that many underwriters combined together can cover values of one ship even upto US$ 200 Millions. Our Underwriters work on ITC Clauses or any other market clauses such as Norwegian , German or French. Our Underwriters policies are usually based on English Law and Jurisdiction.
We offer limits of liability up to U.S$. 1,000,000,000 ( US$ 1 Billion ) .The insurance which we provide to Owners, Managers, Operators, Charterers is a tailor-made P&I Insurance. We offer covers either from the International Mutual P and I Clubs or from the fixed Premium commercial Insurers. General Third party Liability Insurances based on traditional international market conditions. We provide insurance cover for liability to seamen, liability to persons other than seamen, liability in respect of cargo carried on the entered ship, liability for collision and damage to fixed and floating objects, liability for pollution and much more frequent risks. Our Clubs and Insurers issue all type of Necessary Blue Cards as per the relevant Conventions for Civil Liability and Bunkers' Pollution.
We collaborate closely with various Underwriters who are specialised in Yacht Insurers for many years and offer very competitive terms and conditions which are extremely demanded in this sector of marine insurance .
Our Underwriters also offer cargo insurance covers either on single voyages or on open covers for big contract of carriage. Choices of covers varies depending on the request of each client whether it is on ICC Clauses A, B or C or any tailor made cover depending on the need of the clients.
We collaborate with the main Charterers Liability specialized insurers who offer professional covers to Charterers and Operators as well as valuable advices which are very much needed in this very difficult activity where operators are squeezed between shippers / Traders and Shipowners.
On 14th of April 2014 the Nairobi Convention on the Removal of Wreck of 2007 achieved the requisite number of ratifications (10) triggering the entry into force on 14th April 2015. The Convention provides a strict liability, compensation and compulsory insurance regime for States affected by a maritime casuality. It makes the registered owner of a ship liable for locating, marking and removing a wreck deemed to be a hazard in State's Convention area. Registered owners of ships of 300 gross tonnage and over registered in a State party or entering or leaving a port in the territory of a state party, will need insurance cover arrangements which meet the requirements of the Convention and a certificate from a State party attesting that such insurance is in force. Such certificate must be carried on board at all times. The Wreck removal Convention closely follows the strict liability and insurance provisions which currently apply to oil tankers under Civil Liability Convention ( CLC) and ships of 1,000 gross tonnage and over under the Bunker Convention. Our Clubs and Insurers issue the necessary Blue Cards.
We can arrange cover to shipowners against the financial loss that can arise when their crew and/or vessel is seized or detained for ransom. This insurance covers various costs that may not be covered under other type of insurances when a vessel is hijacked and/or the crew is kidnapped. It also provides access to Kidnap & Ransom experts who will assist to manage and resolve the incidents.
Loss of Hire insurance protects the shipowner from a daily loss of income arising from damage to the vessel which can be recoverable from the hull and machinery cover. Every shipowner is exposed to a complex trading environment. Sometimes, one or several parameters that affect an owner's trade contribute to a disruption in the vessel's trade. One consequence of the vessel not being able to trade is that there is no hire coming in. In times of tight margins and when cash flow is vital to owners, an unexpected shortfall of hire could prove devastating.
This insurance essentially provides cover for physical loss and damage caused by war risks, but also includes detention or diversion expenses, as well as cover for third party liabilities usually excluded by P&I.
This type of Deviation LiabilityCoveris intended to provide the Assured with protection from thecargo interests in respect of cargo accepted for carriage by the Assured as a result of a deviation or departure from the contractually agreed voyage as specified in the Insurance Policy.
Covers the daily costs of a vessel during delays caused by onshore incidents for the duration of such incidents and also during delays sustained after the main incidents referred to have ended.Most commonly, claims under this Cover arise when there is congestion in the port immediately after the termination of the direct effects of an onshore incident.
Covers the daily costs of a vessel during delays resulting from on board incidents such as officer or crew strikes, and a wide variety of other incidents including collision/grounding, drugs on board, piracy, kidnap, ransom, stowaways, machinery damage etc. usually leading to a vessel going off-hire.
Mortgagees Interest Insurance (MII) covers ship mortgagees against the risk of claims under the Hull & Machinery and/or War Risks policies and/or protection and indemnity coverage being rejected or declared void, in whole or in part. The sum insured usually covers the amount of the Loan but can not exceed the actual value of the vessel.