Shipowners can protect themselves under Marine Hull Insurance against loss or damage to their ships. The cover can also be taken by other parties to cover their interests such as charterers, shipbuilders, bankers / financiers etc. Hull and Machinery insurance covers damage to the vessel from various factors such as perils of the sea, machinery breakdown, crew handling etc
Port or terminal owners while providing services to owners and handlers of cargo such as storage, berth etc are also exposed to financial and operational risks. The package policy protects their liability towards others’ property while also covering their property.
Shipbuilders (yards) are exposed to financial risks from the time the ship building activity is started until the completion of construction and testing of the vessel. This policy can run across multiple underwriting years and offers protection from the time that the keel of the ship is laid and through the ship building activity , trial and sometimes until handling of the ship to the owner. The owner of the ship can also be a co-insured under the policy, subject to underwriter’s approval.
Direct Broker (General), IRDA License No 728 (Valid upto 25th August, 2023), Bluearmour Insurance Brokers Private Limited, CIN: U66000HR2019PTC084231