Marine Insurance

Private Pleasure Craft

These are vessels that are used for sport or pleasure and not engaged in trade, either by carrying passengers for hire or by carrying cargo. They include yachts, boats, submersible craft, personal water craft, and the various water toys that may be carried onboard. Houseboats straddle the line between real estate and marine vessels. We would need to review any applications to insure houseboats on a case by case basis. Whatever your private yacht needs, contact us or click in the adjacent box.

Commercial Yachts

Commercial yachts are pleasure yachts that are engaged in trade by carrying passengers for hire, whether by selling tickets for specific trips or, more commonly, by commercial charter. Yachts so engaged are usually certified to one or other of the commercial codes. For international operation, codes need to be for equivalence to international maritime conventions. For domestic operation, compliance to applicable domestic legislation may suffice.

Commercial Ships and Workboats

These vessels include cargo ships, passenger ships, fishing vessels, submersible craft, dive support vessel, offshore supply vessels, drill ships, DP ships, FPSO ships, crane vessels, dredgers, barges, tugs, special purpose vessels and other forms of work boat. Cargo ships include tankers [oil, gas, chemical, asphalt and water], bulk carriers, reefers, general cargo and container ships.

Marine Insurances

For all commercial vessels, insurance typically includes hull and machinery, protection and indemnity, war risks and medical coverage. Where insurance is obtained from a non-US underwriter, there may be additional coverages needed for vessels visiting US waters. These are set out under Liability Insurance.

Furthermore, we can arrange title insurance for both yachts and ships. This affords protection for vessel buyers against costs or losses that may arise from certain title defects, undisclosed liens or ownership disputes. Hitherto, buyers have had to rely solely on the seller to make good on any representations or warranties under civil contract. Given that under maritime law a debt typically follows the vessel and by the time a debt is discovered the seller may well be long gone, assurance of clear unfettered title, or compensation if not so, is a source of great comfort both to the owner and to the mortgagee, especially given the monies that can be at risk.

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Crew Benefits

Crew benefits usually cover health, travel, and accident cover, over and above that which is provided for under the owner’s P&I cover. For more detail, see the section Health and Life Insurance

Marine/Maritime Liaiblity

In respect of ships and yachts, in addition to liabilities covered under protection and indemnity contracts, there may also be a need for additional coverage for risks not covered under P&I.

European contracts may not cover certain US risk, particularly when US waters are not part of the declared operating area. Typically these US risks include coverage to deal with the provisions of various Acts such as the Jones Act, Longshoremen & Harbor Workers’ Act and the Stevedores and Wharfingers’ Act. Thus, if such a vessel’s itinerary is changed to visit US waters, there will be a need for supplemental insurance, usually as a variation to the existing policy.

Vessels visiting protected coral reef and marine park waters, such as exist in the Cayman Islands, Indonesia and elsewhere, need to be covered to the extent of tough coastal state legislation to protect against damage to underwater sites and all costs associated with any wreck removal. In respect of US waterfront property, an employer may need coverage for any or all of the following:

  • Maritime Employer’s Liability
  • US Stevedores and Wharfingers’ Liability
  • US Longshoremen & Harbor Workers’ Liability
  • US Jones Act Liability