Water Transport insurance

Water transport insurance is a way to protect against property risks that arise in navigation, as well as to increase the attractiveness of the ship-owner company in international trade and when obtaining loans and credits against the security of the vessel.

Insurance coverage applies to vessels regardless of their purpose, class, type, size and cost, including:

• tankers;
• fishing vessels;
• bulk cargo carriers;
• research vessels;
• refrigerated vessels;
• other types of vessels.

Insurance protection is possible both during the construction of the vessel and during its operation. In this case, the insured object includes not only its hull but also the machinery, equipment and mechanisms located on or used in its construction.

The main types of risks covered by the insurance contract are:

• liability for damage to the vessel and its loss;
• liability for the total loss of the vessel;
• liability for the total loss of the vessel along with the expenses for its rescue;
• liability for damages only.

Additional risks that may be included in the insurance contract are:

• war risks;
• owner's liability for accidents involving other vessels;
• financial losses caused by the loss of freight due to the occurrence of an insured event;
• liability for damage to stationary and floating objects.

Cost of Water transport insurance

The insurance rate is expressed as a percentage of the insurance amount.

The cost of vessel insurance depends on a combination of the following factors:

• characteristics, parameters, and age of the Water transport vehicle;
• loss history;
• usage conditions;
• other significant factors.

In addition to vessel insurance coverage, liability insurance of the shipowner to the crew members for their health and life is available in the following cases:

• death of a crew member from an accident or illness;
• death of a crew member as a result of a shipwreck;
• temporary or permanent disability of a crew member due to illness or accident;
• expenses incurred by the shipowner due to deviation from the route due to the illness of a crew member or an accident involving them;
• costs of replacing a crew member, their repatriation or treatment due to an accident, including due to the shipwreck or illness;
• damage or loss of personal belongings of the ship's crew.

You can find out the cost of marine and river vessel insurance programs from insurance broker "PrioGe" specialists.

Our managers are ready to select the optimal product for you among the leading insurance companies in a timely manner.