Commercial vessels and pleasure craft are subject to a range of damage and liability risks which can amount to significant financial loss. A comprehensive marine hull insurance programme is essential for protecting the assets and earnings of any recreational or commercial hull builder or operator to avoid any loss to the ship in case of any mishaps occurring.
Coverage is usually provided for hull and machinery of the vessel, increased value and third party liability.
Protection and Indemnity is considered to be an entirely difference class from other fields of marine insurance. It deals with the liability of the ship owner and whilst P and I insurance is available in the commercial hull and yacht market, the cover may be somewhat limited and policy limits may be restricted to the value of the hull.
This type of insurance protection is taken by vessel owners/ operators. The type of cover provided can in general terms be compared with the Third Party Liability cover on a motor vehicle. Some of the major types of liabilities covered are Third Party Liability, Pollution Liability, Collision Liability, Liability to seamen, General Average, etc.
Vessels taken on Charter may need Charterer's Liability cover to be arranged. We can assist you in getting this cover from reputed P & I clubs or fixed premium facilities.
