Insurable interest in subject-matter insured such as a vessel, a vessel under construction, cargo, freight, as well as passenger fee, profit expected from the cargo and other income provided by the vessel, cargo and freight, wages and other sums of money which are due to the captain and other crew members, including repatriation costs, the owner’s liability and the risk that the insurer takes (reinsurance).
For example, as per Institute Time Clauses insurance covers loss of or damage to the subject-matter insured caused by:
- perils of the seas rivers lakes or other navigable waters
- fire, explosion
- violent theft by persons from outside the vessel
- contact with land conveyance, dock or harbour equipment or installation
- earthquake volcanic eruption or lightning
- accidents in loading discharging or shifting cargo or fuel.
- bursting of boilers breakage of shafts or any latent defect in the machinery or hull
- negligence of Master Officers Crew or Pilots
- negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
- barratry of Master Officers or Crew
- contact with aircraft, helicopters or similar objects, or objects falling therefrom
provided that such loss or damage has not resulted from want of due diligence by the Assured, Owners, Managers or Superintendents or any of their onshore management.
Type of insurance
- Hull & Machinery Insurance;
- Increased Value and Disbursements;
- War and Strike Risks Insurance;
- Voyage Insurance;
- Builder's Risks Insurance;
- Loss of Hire / Freight Insurance;
- Fishing Vessels Insurance;
- Towage Insurance;
- Port Risks Insurance;
- Protection & Indemnity Insurance;
- Builder's Liability Insurance;
- Cargo Insurance.
The insurance program can include one or more types of insurance depending on your needs.