This insurance compensates for the loss of and/or damage to insured vessels/ship’s hull and machineries, materials and other equipment of the vessels/ships including collision, Third Party Liability and Protection & Indemnity (P&I) risks.
This coverage is usually available for a period of 12 months for:
- Fleets of ocean going vessels like : Containerships, General Cargo, Bulk and RO
- Fleets of Catering, Utilities, Tugs, Barges, Oilfield Units, etc.
- Movable Rigs, Platforms and Marine Dredgers
- Oil and Gas Tankers/Carriers, etc.
- Builder’s Risks Insurance could also be arranged for Vessels/ships for the period they are under construction and/or repairs.
Loss of Hire could also be covered under this Policy as an extension.
Interests covered include Hull, Machinery, Gear, Equipment and everything used in connection therewith.
Perils Covered - As per various Institute Time Clauses, Hulls and/or other relevant clauses connected therewith.
Compensation payable is the Insured value of the vessel being declared actual and/or constructive total loss and cost of repairs for claims for partial losses.
Premium rating is done according to the age of the vessel, condition of the vessel, types of cargo carried, purpose of use, geographical trading limits, experience of Master Crews and Shipping Owners/Managers. The rating structure also depends on the class of the vessel and rated on percentage basis on the sum insured.
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