Shipping is a capital-intensive, technical complex and high-risk sector. A sector in which you want to avoid disruption, especially when the risk is preventable. Any risk that could jeopardise a business must be appropriately placed with an insurer so that the financial risk resulting from an incident is adequately transmitted from the client to the insurer. Equally, FDR can inventory your risks and coverage if you would like to obtain a third-party review to ensure that your ‘risk transfers’ are managed appropriately.
Our marine solutions
Learn more about the top products we offer for our marine partners:
Hull & Machinery
The Hull & Machinery insurance covers physical damage to vessels and engines arising from uncertain incidents as well as external causes.
Protection & Indemnity (P&I) insurance provides coverage concerning maritime liabilities. However, P&I is complex because of its many conditions, limitations and provisions which can be included in the policy by an insurer. Therefore, an intensive risk analysis is necessary to assess collision and manning risks while providing appropriate cover for all contractual liabilities.
The ‘Freight, Demurrage and Defence’ (FD&D) insurance is a legal expense insurance to cover legal costs in case of a dispute about the interpretation of contractual agreements. This includes freight disputes, demurrage, hire and rental. At the same time, it covers all matters concerning conflicts that could arise in connection with the commercial operation of the vessel.
Political volatility can pose a significant threat to your business. The war risk protection cover helps safeguard your business against unforeseen political events and the consequential economic implications they could pose for your business.
War risk protection is typically excluded in standard coverages and is usually supplemented with a War Risks policy. However, turmoil worldwide can lead to certain areas being excluded, so on top of the standard War Risks policy, an additional cover must be sought to cover the period when a ship is in an excluded area.
Each policy may have different conditions so an expert analysis can be very beneficial. Contact us today.
Charterers are exposed to significant risks caused by third parties due to contractual obligations in Charter Parties or Bills of Lading. Sometimes these risks are significant enough to threaten the financial position of even the best-established companies. Therefore, careful risk analysis is necessary for reliable and correct coverage.