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Summary

We have excellent markets for loss of hire/loss of use cover. This coverage is part of a range of policies that our ship owner clients entrust to us with to meet all their insurance needs. As the name suggests, this insurance compensates the owner for the loss of daily earnings/income should the vessel be unable to operate due to partial damage arising out of a peril that would be recoverable under the hull and machinery/war risks insurances. Total loss of the vessel is not included. This cover is not generally available for fishing vessels, small ships or brown water vessels, and private and pleasure craft; however, our markets will provide cover for super yachts and mega yachts.

Scope

Insurance is available using a combination of deductible and compensation day, split over the number of days compensated/indemnified per accident and the total number of days compensated for all accidents during the period of the insurance. The sum insured is a multiple of the daily indemnity amount with the total number of indemnity days. Likewise, any compensation is calculated on the basis of the agreed daily indemnity, multiplied by the actual number of days when the vessel is unable to trade and earn hire (off-hire days). The policy will not pay compensation for total loss of the insured vessel.

Brokers

Divisional Specialists

Marine