Our Products:
| |
Loss of Hire Insurance
During a hull and machinery injury, it is possible that your vessel will come off hire. Owners and charterers protect
themselves from this loss of revenue through the Loss of Hire Insurance. This kind of insurance indemnifies the client
up to the agreed daily amount with the underwriters. A normal cover will have a 14/90/90 basis, meaning that the
assured will be paid the daily amount but no more than 90 days per incident or 90 days over the policy period. For
each incident, there will be a 14 day qualification period.
Delay Insurance
Unanticipated events cause the loss of income and extra operating expenses for owners, charterers and operators.
Hence, delay insurance is available to provide cover for the loss of time and revenue caused by such events. Delays
are often inevitable in the shipping industry, and expose operators to financial losses. The type of activity and
contractual base on which vessels are operated determines the degree of exposure. Fires, explosions, collisions,
obstructions, quarantines, and many others shore perils are some examples of the events. Delay insurance pays
you the agreed Daily Entered Sum – Daily Indemnity – previously agreed basis on the daily operating expense of
the insured vessel. |
