Insurance for Shipowners

Our shipowners’ liability P&I insurance is designed to cover both the contractual and legal liabilities that you may face as the owner of a vessel that has been chartered out. This insurance can be divided up into four main areas:

■ Liabilities to Cargo – The insurance covers you for the shortage of, non-delivery of, or damage to cargo.

■ Liabilities to Crew – As the owner of a ship, you are considered responsible for the care and safety of the crew that you hire. The insurance covers medical costs, as well as the costs of repatriating an injured crew member and hiring a replacement. Compensation costs arising from illness, permanent injury and death are also covered.

■ Liabilities to The Third Parties – The insurance covers costs when an individual or a company suffers some kind of financial loss that is not covered by any contract, as a result of an error that you have made (e.g. pollution claims, collision claims and personal injury claims)

■ Costs – The insurance covers any costs incurred by mounting a defence against a legal liability claim – typically including survey expenses,, lawyers’ fees, and formal investigations.