Hull & Machinery insurance is the vessel's primary insurance against physical damage to the vessel and its machinery or equipment. The vessel is insured to its full value, whereby the insurance, depending on the extent of protection chosen, compensates total loss of the vessel, salvage, partial damages to one's own vessel, collision liability (RDC/FFO may be excluded as needed), ice damages, engine-damage, and the vessel's contribution to general average.
We have access to various markets worldwide and regularly place single to-follow shares or provide the full security for a fleet.
War is generally characterised by extreme collective aggression, physical destruction and usually high mortality and does not, unfortunately, exclude targets at sea. The results can be asset losses in the millions and unfortunately, also the loss of human life.
The War Risks insurance coverage that we place for our clients, is designed to cover damage to the ship and certain liabilities, resulting from acts of War that standard Hull & Machinery and P&I insurance choose to exclude. This typically includes damage or loss caused by war, civil war, revolution, rebellion, strikes, arrest, weapons of war, terrorists etc.
We have the ability to place annual policies for fleets but do also place coverage on spot basis.
A piracy incident is a serious crisis situation, within a highly complex legal environment, where not only high valued assets, such as ship and cargo, are at stake, but also human life. Such extreme situations call for extremely high levels of tact, expertise and handling capability.
It is therefore our utmost priority and belief to only work with specialised Kidnap for Ransom insurers that offer both financial stability and also provide our clients with the best possible crisis consultants, in case of any such incident.
We do not settle for any less.