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Vessel Protects offers comprehensive and bespoke coverage depending on the individual requirements of the insured. We can write up to USD 175m any one vessel.
Vessel Protect offers comprehensive and bespoke coverage depending on the individual requirements of the insured. Standard coverage is offered on recognised international conditions such as the Institute War and Strike Clauses or Chapter 15 of the Nordic Insurance Plan. This will be aimed at shipping companies who may own a single vessel or a large multi-national fleet.
With the increased tensions and warlike actions in the Persian Gulf during 2019, our product is based on standard Institute War Clauses (Cargo) and cover is extended to cover physical losses or damages caused by war, civil war, rebellion, revolution, insurrection, or civil strife arising from any hostile act by or against a belligerent power, capture, seizure, arrest, restraint or detainment, derelict mines, torpedoes, bombs or other derelict weapons of war. We can write up to USD 150m any one conveyance.
We can provide individual breach cover or annual worldwide policies. We provide comprehensive cover which will respond in the event of a hijacking situation and will reimburse the ransom payment and any associated costs.
Marine piracy remains a pressing challenge for shipowners and their crew, directly impacting their safety and financial well-being. Recognizing this, we provide an unparalleled solution for shipping companies to safeguard both their assets and the security of their personnel. Our K&R (Kidnap & Ransom) insurance, accessible via our streamlined digital 'quote & bind' platform, not only promises comprehensive coverage in hijacking scenarios—covering ransom payments and all associated costs—but also ensures expert negotiation support from our specialist response consultants.
Designed with user convenience in mind, our platform is optimized for mobile use, enabling brokers to quickly quote and bind K&R insurance anytime, anywhere. With a mere 14-click process, brokers can effortlessly gather all pertinent details and obtain or finalize quotes in under 2 minutes. Safety, efficiency, and convenience are now at your fingertips.
Increased Value/Disbursements is a cover against actual total loss or constructive total loss. A total loss could leave the shipowner in a position where the hull value would be inadequate to cover the costs and expenses to replace the vessel.
We can provide cover against actual total loss or constructive total loss. A total loss could leave the shipowner in a position where the hull value would be inadequate to cover the costs and expenses necessary to replace the lost vessel or ordering a new vessel. Vessel Protect can provide a limit of USD 30m and is backed 100% by Lloyd’s of London security.
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Lloyd’s of London,