The objects of marine insurance are:
- A vessel as a type of vehicle of a certain value.
- The cargo transported by the ship.
- Freight - income received by the owner of the vessel from using it as a vehicle or leasing.
- Civil liability of the shipowner or the carrier for damage that may be caused to third parties, the environment, during the operation of the vessel.
- Offshore platforms
In the form of marine insurance can be:
- Negotiated. It involves the conclusion of a marine insurance contract with an insurer who, for a fee (insurance premium), undertakes to indemnify the policyholder or beneficiary for losses caused by the insured event. Contractual marine insurance is one of the first types of insurance. The first known marine insurance contract was concluded in 1347.
- Mutual. Mutual insurance is carried out in mutual insurance clubs. Mutual insurance clubs first appeared in England after 1720. A feature of mutual insurance is that possible losses of a member of a mutual insurance club are reimbursed from the general fund, which is formed by contributions from club members.
The following types of marine insurance are distinguished:
1. Marine (river) hull insurance of the hull and equipment of the vessel. The main risks covered by hull insurance include:
- collision of ships among themselves;
- severe weather conditions;
- fire, explosion, lightning strike;
- general average;
- other risks.
2. Cargo insurance. With cargo insurance, the Reservations of the Institute of London Insurers became widespread. These rules, developed by British insurers, apply almost all insurance companies in the world engaged in cargo insurance. The rules provide for three main insurance options:
- From all risks (Against all risks - AR);
- With responsibility for a private accident (With particular average - WPA);
- No liability for a private accident (Free from particular average - FPA);
3. Freight insurance. The gross freight amount is subject to insurance, including the shipowner's profit and insurance costs.
4. Freight insurance. The gross freight amount is subject to insurance, including the shipowner's profit and insurance costs.
- Pre-insurance survey
- Conducting an independent investigation of marine accidents and incidents for insurance companies, Flag Administrations, shipowners.
- Investigation of cargo damage, shortage and loss.
- Insurance (H&M) CASCO with Risk Coverage
- (P&I) Insurance of civil liability of ship owners during the operation of the vessel
- ISSUE OF CERTIFICATE OF INSURANCE OF COSTS AND LIABILITY FOR THE REPATRIATION OF SEAFARERS IN ACCORDANCE WITH THE REQUIREMENTS OF RULE 2.5 PARAGRAPH 2 OF STANDARD A 2.5.2 OF THE MARITIME LABOUR CONVENTION 2006
- ISSUE OF A CERTIFICATE OF SHIP OWNERS LIABILITY INSURANCE IN ACCORDANCE WITH THE REQUIREMENTS OF REGULATION 4.2 OF STANDARD A 4.2.1 SECTION 1 (b) OF THE MARITIME LABOUR CONVENTION 2006 (AS AMENDED)
- Blue Card Certificate confirming the compliance of insurance coverage with the requirements of the 2001 INTERNATIONAL CONVENTION ON CIVIL LIABILITY FOR DAMAGE FROM BUNKER FUEL CONTAMINATION
- Certificate confirming the compliance of insurance coverage with the requirements of the 2007 Nairobi International Convention on the Disposal of Shipwreck Remains
What is required from the insured person to obtain a ship insurance contract?
1. Written or oral statement of the Insured person with exact information about the vessel (type of vessel, name, year of construction, Register Class, gross tonnage of the vessel, etc.)
2. Providing the Insurer with the following documents and information:
- for voyage insurance - the start and end points of the voyage, its duration and call points;
- for term insurance - sailing area / insurance territory and insurance period;
- experience and age of those admitted to sailing;
- availability of attachments, outboard equipment (description, cost);
- specialization of ships (purpose of use);
- storage conditions;
- information about the last year's insurance contract;
- by whom the ship was previously insured;
- information on the training level of onshore personnel and crew;
- the presence of security in the place of storage, as well as the existence of an agreement for safekeeping.
- Certificate of ownership;
- Flag certificate;
- sailing certificate (Classification certificate);
- passenger certificate (for a passenger ship);
- tonnage certificate;
- crew list;
- ship log;
- machine log (for power-driven ships);
- sanitary journal;
- ship sanitary certificate of the right to sail.
- certificate of load line;
- navigational documents;
- A copy of the ship's ticket GIMS and or its foreign counterpart;
- survey report on the technical condition of the vessel;
- Classification certificate;
- copies of documents confirming the value of the vessel;
- loss statistics;
- photo report and inspection report
3. Certificate of registration of the Owner Company (Certificate of incorporation)
4. A valid power of attorney from the Owner Company to the person who will sign the Insurance Agreement on behalf of the Insured Company. In the event that the documents for registration will be signed by the Director of the Company, it is necessary to provide documentary evidence of his powers (for example, a protocol on the appointment of the Director).
5. A copy of the passport - for an individual
For questions regarding Marine Insurance as well as obtaining the information you are interested in, please contact us:
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