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Physical Risks

Hull and Machinery

The insurance provides cover for physical loss or damage to the hull, machinery and equipment of the ship. It covers costs of repairs, Total Loss, Sue and Labour expenses, Salvage and GA contributions, Collision Liabilities and claims associated expenses, such as survey fees.

Increased Value and/or Disbursements and/or Freight

Additional insurance (normally limited to 25% of the H&M Insured value), covering the loss of revenue and increased costs arising out of, and payable only following, a total loss incident. The cover may include Sue and Labour, GA and excess Collision Liabilities.  It can also be extended to cover anticipated income loss following a total loss of the vessel.

War, Terrorism & Political Risks

Provides cover for physical loss arising from War and Marine Terrorism perils including capture, seizure, arrest, restraint, detainment, confiscation, expropriation. It also covers losses arising from acts of terrorism and any person acting maliciously or from a political motive.

Loss of Hire

The Cover will respond for time lost following physical damage to the vessel. It covers the loss of income following a physical loss or damage resulting from an insured peril. The most common limits offered are in excess of 14 days for either 90, 120 or 180 days. For older tonnage an Additional Machinery Damage excess is usually required.

Builders’ Risks

Cover during the period of vessel’s construction/conversion where she is exposed to risks such as fire, tidal wave or failed launch as well as collision and sinking during sea trials.

Port Risks

Insurance provided for a vessel that is laid up for an extended period of time, normally in excess of 30 days. Cover offered is for both physical damage and liabilities.

Cargo Risks

Provides cover against physical damage or loss of goods during transportation, whether by land, sea or air. Cover may include Increased Value, Customs Duty, Intermediaries Commission and/or Freight Contingency.

Towage | Break up Voyage

Cover is provided for vessels being towed, whether for repair, delivery or break up. It is usually offered subject to a pre-agreed route as well as including a port risk element both ends.

Mega, Super and Giga Yachts

Tailor made cover to suit the individual needs of the Owner and the Yacht. The cover includes Hull and Machinery and Increased Value; Protection and Indemnity with high Limits, War Risks cover (including Terrorism and Piracy), Crew Medical and Personal Accident, Passengers Medical and Personal Accident, Uninsured Boaters, Watersports Liabilities, Loss of Charter Hire, Yachts contents (Fine Arts, Jewelry and Personal effects).

Cyber Hull Insurance

A defined perils policy designed to provide H&M cover in circumstances where, due to a Cyber related cause, the H&M policy does not respond because of cyber-exclusion or the absence of cyber cover in the H&M contract.