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.
KIDNAP & RANSOM
Marine piracy continues to be an issue for shipowners and their crew. Our product helps shipping companies to protect their financial assets as well as ensuring that safety and wellbeing of their crew. Our comprehensive cover will respond in the event of a hijacking situation and will reimburse the ransom payment and any associated costs. Our specialist response consultants will handle all aspects of the negotiation to ensure the safety of your vessel and crew.
WAR LOSS OF HIRE
Loss of Hire provides coverage to the insured for loss of income as a result of physical damage to the vessel that is recoverable under the War Risk Hull insurance of the vessel. It can also be triggered where the vessel is unable to leave the port under certain circumstance such as being ‘blocked and trapped’. This is an added extra which you can take out with your traditional Hull War insurance to give you complete comfort and peace of mind.
Get in touch with us
Lloyd’s of London
1 Lime Street