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Summary

In addition to placing coverage for the largest fleets, where ships may be valued at hundreds of millions of dollars each, as well as smaller vessels operating in coastal waters and rivers, Besso has particular expertise in more difficult-to-place risks such as fishing vessels, older and smaller ships and those engaged in more exotic and niche maritime operations. We are also very active in placing super yachts and mega yachts. We have specialist facilities and full access to first-class markets in London and internationally. This allows us to provide coverage directly and through reinsurance, backed by our in-house claims team.

Scope

  • Hull and machinery insurance covers:
  • Costs of repairing physical loss or damage to a vessel
  • Reimbursement following total loss of a vessel (actual and constructive)
  • Expenses to prevent loss (sue and labour, salvage and GA contributions) Collision liability
  • Expenses associated with claims (survey fees etc)

Increased value/disbursements/freight interest cover pays a defined amount following declaration of a total loss on the hull and machinery policy. This can include sue and labour, excess collision liability and general average. Freight interest covers the anticipated future (long term) income for the ship owner in the event of a total loss, thus providing cover that is excluded by a loss of hire policy. Usually a maximum of 20% of the total value of the vessel can be insured under increased value; however, in certain circumstances a higher percentage can be negotiated.

Brokers

Divisional Specialists

Marine