Blue water
Physical Damage cover to vessels sailing the oceans of the world, including the liability for damage done in a collision with another vessel. This insurance can be arranged on different terms and conditions, such as Swedish, Norwegian, Finnish, English Hull Conditions.Mortgagees interest
protects the Mortgagee in the event that a claim normally recoverable under the Marine Policies is declined by underwriters due to a Breach of Warranty or Deliberate Act.Loss of hire
protects the potential earnings of the Assured under a Time Charter, or in the event of no charter, it will cover his standing charges following an accident from a peril recoverable under the Hull Time clauses which results in the vessel being ”off hire”.Time charter hire
is an additional Hull total loss interest protecting the Assured´s earnings under a period Time Charter. The Assured can only insure 50% of 18 months hire as per the Disbursements Warranty in the Hull Policy.Towage risk
Towage risk cover vessel(s) &/or craft under tow for a specific voyage.This can be for both Physical Damage and Protection and Indemnity.
The market generally requires all the tow, towage and stowage arrangements to be approved by the London Salvage Association or other surveyors (at the Assureds expense). And all recommendations complied with.
It is necessary to declare to underwriters when a vessel/craft is going for break up.