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Summary

Placing cover and handling claims for tow risks is a natural extension of Besso’s leading role as a broker in the salvage and wreck removal industry. In addition to managing risks that may arise directly from specific salvage contracts/operations, we have developed excellent relationships with the specialist tow insurance market. Besso is therefore in a prime position to place cover for all the different types of work undertaken. This includes scrap or break up, tows for the delivery of a ship and/or cargo, or a vessel being towed for repair, and towages of rigs, platforms and similar structures.     

Scope

This is voyage insurance and the basic coverage will be per the institute (or similar) voyage clause hull, which gives similar coverage to that of a navigating vessel, which would normally be covered for a 12-month period. Alternative restricted conditions will apply dependent on circumstances.  Coverage can also include limited protection and indemnity, pollution, and liability for crew on board the towed vessel/rig. Other exposures that may be relevant to a particular tow can also be discussed and added to the insurance package. Due to the nature of the risks inherent in this type of insurance, it is normal for underwriters to require an approved marine surveyor, specialising in towage contracts, to attend (at the insured’s expense) to complete a ‘tug, tow and towage’ survey to ensure all exposure aspects have been attended to. The surveyor’s focus will be on:

  • Weather prior to and during the voyage
  • Tow set-up and configuration
  • Confirmation of capability of the towing tug or tugs plus all crewing arrangements

If cargo is involved the surveyor will wish to approve its stowage/stability. For longer voyages the surveyor will also continue to monitor and report on the progress of the tow including position, speed, sea state and weather, fuel consumption and endurance, and estimated arrival.

Brokers

Divisional Specialists

Marine