Hull & Machinery
This policy is a physical damage policy designed to cover physical loss or damage from a marine peril and will include recovery actions, and other events associated with a physical loss at sea. The policy is adapted to the requirements of the shipowner, whether “All Risks” or “Limited Conditions” or “Total Loss Only” cover.
Hull & Machinery
This policy is a physical damage policy designed to cover physical loss or damage from a marine peril and will include recovery actions, and other events associated with a physical loss at sea. The policy is adapted to the requirements of the shipowner, whether “All Risks” or “Limited Conditions” or “Total Loss Only” cover.
In recent years, this market has been extremely volatile producing erratic pricing levels. The current state of the market is that many Underwriters have withdrawn from the class altogether or they have reduced their participation. Generally it is the smaller owner who is first to suffer while the Underwriters fight competitively for the big fleet vessels even where some accounts show adverse claims statistics. We are therefore making provision for this change by obtaining the agreement of several Underwriters to accept our clients in the form of a collective portfolio.
Each owner will have a standalone record but any overall profitability for the portfolio will benefit each owner when they renew.
We consider our tailored approach to be especially beneficial to the smaller ship owner or shipping business who may not necessarily be welcomed by the larger brokers in the market. For example, we have had great success assisting ship owners with fleets that are considered to be ‘unattractive’ to larger brokers and underwriters and risks such as singleton or doubleton fleets, older tonnage, unclassed vessels etc.
