Hull Third Party Liability Insurance
The insurance covers the insured’s legal liability arising from the ownership and use of the insured vessel in respect of death or bodily injury to any person, loss of or damage to property not belonging to the insured, including other boats, piers, docks, wharves, jetties or pontoons.
Loss Of Hire Insurance
The Loss of Hire insurance primarily protects the ship owner against losses where the ship is wholly or partially deprived of income as a result of the vessel being out of operation whilst repairing a damage that is recoverable under the Hull & Machinery policy. FYI, this cover will not provide protection to the assured if the vessel is laid up due to lack of work or scheduled repairs or dry-docking. In order to enable the assured to recover the loss of hire under this policy there has to be an accident resulting in the damage of the ship and the same must be recoverable under the H&M insurance policy.
Protection & Indemnity Insurance
P&I cover responds to liability for damage or loss which the assured has caused to others. The purpose of Protection and Indemnity (P&I) insurance is to shield the assured from the risk of his liability to others arising from his maritime activities. Unlike loss insurance, P&I responds to liability for damage or loss which the assured has caused to others.
Road Haulier’s Liability Insurance (Or) Transport Operator’s Liability Insurance
Hauliers’ insurance policies protect the operator from any loss or damage to goods that he is transporting arising out of his negligence. It also covers Legal liability against claims from third parties for damage to property or injury, death and/or disease.