Insures the physical damage to the Hull and Machinery on the vessel due to perils of the sea, collision, fire, sinking, stranding, theft and piracy. Policy includes Protection & Indemnity and Third Party liabilities. Coverage can be arranged on a fleet basis for a fleet of vessels
Builders Risk Insurance
An Insurance policy that provides coverage for the ship / boat / pleasure craft. Marine Hull insurance covers the ship's hull and machinery. Policies can be arranged for all types of vessel, from very large tankers, Passenger Cruisers down to pleasure crafts.
Protection & Indemnity
This is the third party liability protection for the ship-owner due to a collision or accident at sea. It includes liability for injury to crew members or damage or loss of the cargoes being carried.
Despite the name of this insurance, the cargo does not have to be on water; it can also be on land (inland transit risk) or transported by air. Coverage is against damage, loss or shortage to the goods being carried during the ordinary course of the transit including limited period of storage.
Cover can be arranged on an ĎAll Risksí basis which includes damage due to collision or overturning of land conveyances, fire or sinking of vessels and losses of cargo due to theft or pilferage
Coverage is against damage or loss or shortage to the goods being carried during the course of the transit, and this can also be extended to include storage risks. Many cargoes, once they reach their destination, need to be stored for a short time somewhere, maybe a warehouse, and this risk can also be covered under a cargo policy.
Provides coverage to shipyard owners for vessels in the course of construction. It also include sea trials of the vessels before launching or commissioning. There are occasions whereby defects warranty coverage is also provided.