Water Transport Insurance
Water Transport Insurance
This type of insurance provides insurance coverage for ship owners and other persons related to the operation of vessels or other water transport. Insurance compensation is paid in the event of damage to or loss of water transport belonging to the water transport owner, or causing other damage to its property interests in connection with the operation of such transport.
An insured event is deemed to be damage to, loss and/or destruction of water transport as a result of:
- accidental external impact force;
- fire or spontaneous combustion;
- traffic accident, which is defined as an event that emerged in the process of movement of water transport and with its participation, which killed or injured people, damaged other transport vehicles, facilities, goods, or other pecuniary loss;
- stealing or theft of water transport. Stealing is illegal gratuitous withdrawal and/or conversion of water transport by the guilty person to his/her own use or to the use of other persons, causing damage to its owner or other proprietary. Theft is understood to be misappropriation of the insured water transport without a purpose of stealing;
- natural disaster;
- unlawful acts of third parties.
The following may be insured additionally:
- reasonable expenses incurred in the course of salvage of water transport as a result of damage or forced entry into a port;
- expenses incurred by the Policyholder in searching and finding the insured water transport that was considered lost, or in the absence of information about it, after exceeding the maximum time of voyage;
- costs of salvage operations in the port area, where the insured water transport had suffered distress;
- costs of transporting workers, materials, tools and equipment necessary to carry out repairs to the place where water transport is at the time of repair, or reasonable costs of transporting water transport or damaged parts thereof using most acceptable economical way, to the place of repairs;
- costs of training voyages or other voyages associated with obtaining certificates of qualification immediately after restoration of water transport after an insured event;
- return of water transport to its home port or most acceptable nearest port from the scene of an accident.
How to make an order?
Our specialists will prepare an individual insurance program that takes into account your budget, objectives and business specifics.
To do this, please contact us at: +7 (727) 258-18-00 ext. 1063 and mobile: + 7701 737 70 72 or leave us your contact details and describe the insurance your organization wants, and OIC Corporate Insurance officers will contact you. Email address for messages: firstname.lastname@example.org