Vessel tracking and
fleet management are not the only way to know that your ship is safe, another thing you should definitely do is marine insurance.
Insurance companies exist since fourteenth century first in the Italian cities.
In early time of history of the maritime trading exist an agreement between both traders and carriers alike that risks in the open sea constitute a greater danger than those on land. Merchants were sailing with their cargo in order to make the goods more safe. This helped them not only to look after stowage and carriage, but also to take control of the transaction for the sale of their cargo and to be sure for the delivery.
But that is not always a good idea, there was a need of contract which would defend merchants from any danger that could occur.
If you are a maritime trader what could destroy your business?
Insurance companies offer:
- against pirate attacks
- bad weather damaging the ship
- insuring the cargo
- crew members
etc.
For good
fleet management good insurance is always needed. In open sea could happen anything to your ship.
Hull and Machinery
Physical damage cover for all different ships. The scope, basis and extensions of cover supported are adapted to serve individual client’s needs.
3d party liability cover for all ships.
Freight, Demurrage and Defence (FD&D)
Also known as “Defence”. In the most cases an alternative adjunct to P&I coverage.
Crew Personal Accident (PA) Cover
Personal Accident cover created especially for ship’s officers and crew. Frequently arranged in circumstances where the ship is not registered with a P&I Club, or arranged under contract by owners.
Hull and Machinery- War & Strikes Risks
If there is a War, Strikes, Riots, Civil Commotions etc. Usually, but not always, classified separately to a ship’s Hull and Machinery Insurance and extended to include War Protection and Indemnity Risks.
Loss of Hire
Invented to protect a vessel owner for possible loss of earnings of a ship (either freight or charter hire) leading to a casualty.
Vessel Trade Disruption
Different form of Loss of Hire cover which defends a vessel owner from losing a revenue caused by a broad range of geopolitical exposures.
Builders Risks
Cover for the process of building a ship, damage, loss, bad design.
Builders Risks – Consequential Loss
Created when the delivery of the cargo is delayed. Usually arranged in the event of a ship being built on time or to comply with a contract of affreightment.
Port Authorities and Terminal Operators
Most of the cases developed as a program to defend a wide range of third party and physical loss and damage risks encountered by authorities overseeing a port or terminal actions.
Marina Insurance
Package to include a range of liability and physical damage risks encountered by owners.
Pirate attacks
Includes payments that charterers are liable for a ship captured by pirates. Exist on a single breach and annual basis, this insurance helps charterers to declare