Hull & Machinery: This policy is the mainstay of Marine Insurance. It is a physical damage policy designed to cover physical loss or damage arising from a marine peril, and will include recovery actions, and all other events associated with a physical loss at sea. The policy is adapted to the requirements and fleet profile of the Shipowner concerned, and will address levels of deductible, individual vessel valuation, any increased value, and will specify the extent of the cover afforded, whether ‘All Risks’ or ‘Limited Conditions’ or ‘Total Loss Only’ cover.
Specific policy wordings will be transcribed from the London Market Joint Hull Conditions, the French Marine Conditions or any other internationally recognised marine policy form required by our clients.
Increased value: The sum insured in respect of “Increased value” is paid by the insurers in case of a total loss or abandonment of the vessel resulting from an insured peril under the Hull & Machinery policy. This additional capital is intended to compensate the shipowner for financial losses for example resulting from a loss of expected profit, an added value related to an increased market opportunity, or the additional cost of replacing the ship with a comparable vessel.
Loss of Hire: This is a specialist policy designed to indemnify a Shipowner for financial loss arising from the immobilisation of his vessel due to a damage caused by a marine peril. The policy is underwritten to refund a daily indemnity over a specified period.
War risks, strike, riot, terrorism: A very traditional form of insurance that has become increasingly complex in recent times. Groupe Eyssautier has close connections with the leading underwriters at Lloyd’s and also in the European Markets in order to best advise their clients on the appropriate course of action and cover required.