Products

A Hull & Machinery policy covers the insured's losses resulting from physical damage to the ship and on-board equipment.

Loss of Hire policies cover the insured's loss of income as a result of the vessel being out of operation because of damage or because it is prevented by a physical obstruction from leaving a port.

The damage that prevents the vessel from sailing regularly has to be recoverable under the Hull & Machinery policy in order to be claimed under a Loss of Hire policy.

These policies cover the insured's loss if a ship is lost without there being any prospect of it being recovered or if the ship is so badly damaged that it cannot be repaired.

Hull Interest represents a standard total loss insurance, available to the insured in all markets. The sum insured is normally stipulated up to a maximum of 25 per cent of the Hull & Machinery sum insured.

Freight Interest is a separate total loss insurance, available in some markets, that covers the insured against the loss of long-term freight income in case of a total loss. The sum insured is normally stipulated up to a maximum of 25 per cent of the Hull & Machinery sum insured.

War risks are those related to two (or more) belligerents engaging in hostilities, whether or not there has been a formal declaration of war.

An insurance against war perils normally covers the following risks:

- War or war-like conditions

- Use of arms or other implements of war or in the course of military exercises in peacetime

- Capture, condemnation in prize, confiscation and other similar interventions by a foreign state or power

- Riots, strikes, lockouts, sabotage, etc.

- Piracy and mutiny (depending on which set of conditions are applicable)

War policies are closely linked with marine policies. In order to avoid any gaps in coverage, we recommend that the insured cover both policies with the same set of conditions

Mortgagees Interest Insurance (MII)
The Mortgagees Interest Insurance (MII) covers the bank/lenders interest in the mortgaged vessel. The cover is secondary to the vessel's actual primary insurance, such as Hull & Machinery, Hull Interest, War and P&I insurance.

Mortgagees Interest Insurance, Additional Perils (Pollution) (MAP)
The Mortgagees Interest Insurance Additional Perils (Pollution) covers the bank/lenders interest in the mortgaged vessel, should the vessel pollute oil and be exposed to Legal Liabilities for amounts in excess of the limits of liability under the Owners´ P&I Policies and Club Entries.

Liability for Shipyard
The insurance covers liability incurred by the insured (the yard) arising out of faults or neglects in connection with repair work to ships and vessels. To the owner of the ship as a result of damage to the ship or its outfit

- During the execution of repairs, rebuilding or installation work or guarantee overhaul on the yard or elsewhere

- During the ship's lay-up on the yard while offers are obtained or during survey or while being removed within the harbor in which the yard is situated.

- Towards third parties in connection with the yard's work on the ship as mentioned above 

The third party liability cover also includes compensation arising out of loss of life or injuries.

The Builders Risk Insurance covers the interest of both the builders and the owners in vessels under construction. The cover expires when the vessel is taken over by the owners/buyers.

The insurance covers damage to repair work carried out on vessels while at the Insured’s shipyard or in the port of repair as well as damage to parts or materials which have been manufactured or purchased specifically for repair work in progress and which are located at the shipyard or in the port of repair, and where the risk/ownership still rest with the shipyard. 

The insurance shall provide cover as from the arrival of the vessel to the shipyard and shall expire on delivery of the vessel to the shipping company or earlier if the risk transfer to the shipowner at an earlier stage.

Ny Lovpligtig Ansvarsdækning for Passagertransport til Søs

Folketinget har vedtaget ændring af søloven med virkning fra 31. december 2012.

Lovændringen medfører:
1) Der er indført forsikringspligt for passageransvaret, gældende fra 01.04.13
2) Der er indført objektivt ansvar for personskader, som indtræffer som følge af en søulykke.

Læs mere om den nye regel her

Hull Conditions

Hull Interest Conditions

Freight Interest Conditions

Owner's Outfit Conditions

Insurance Premiums

Link to CEFOR's website where you can find the most recent conditions in both English and Norwegian.

Marine Insurance Conditions relating to Commercial Vessels less than 15 Metres long

Hull Conditions (Swedish)

Hull Conditions (English)

Small Craft Conditions (Swedish)

Please follow the link below to see the General Swedish Conditions for small vessels.  

General Swedish Hull Insurance Conditions for Small Vessels of 2002