MARINE INSURANCE

Ateshgah Insurance Company Ateshgah can arrange cover for vessels including marine hull and machinery together with associated liabilities that arise from the use of such vessels, Protection and Indemnity (P & I) cover and Pollution Indemnities being the main marine vessel liability risks.

Subject matter of marine insurance may be any insurable interest connected with the navigation – vessel, drilling unit (barge), vessel under construction, cargo, freight and so on.

Hull and Machinery Insurance

Insurance Risks

Conditions accepted by Institute of London Underwriters are the more frequently used in the international standard practice insurance conditions.

These insurance covers loss of or damage to the subject-matter insured caused by:

• perils of the seas, rivers, lakes or other navigable waters (including bad weather conditions, flood, collision,  contact with underwater or floating objects, contact with fixed objects, grounding etc.)
• fire, explosion
• violent theft by persons from outside the Vessel
• jettison
• piracy
• contact with land conveyance, dock or harbor equipment or installation
• earthquake, volcanic eruption or lightning
• incidents during the loading, unloading and transportation of the cargo or fuel

Insurance also covers the loss of or damage to the subject-matter insured caused by the bursting of boilers, breakage of shafts or an latent defect in machinery or hull, negligence of Master, Officers, Crew or Pilots, negligence of repairers or charterers, provided that such repairers or charterers are not an Assured hereunder and loss or damage has not resulted from want of due diligence by the Assured, Owners, Masters, Officers or Crew.

There are a lot of different types of insurance coverage of the vessel, beginning from the insurance of the total loss only and ending with the “all risks” insurance coverage.

Deductible/ Excess

It is usual practice in marine insurance to apply excess to the insurance coverage, i.e. the amount of loss or damage, which is deducted from the insurance indemnity and is covered by the Assured.