Tailor-Made mutual protection
“Common marine risks need mutual risk protection, and different marine risks need tailor-made risk protection.” Mr. Mark Coleman.
Owner-managed mutual providers Shipowners Mutual Syndicate Limited have specialized in covering maritime risks. Since inception in 1995 a growing number of clients trust in our tried and tested service in placing mutual protection and the competent support service in the event of loss or damage.
The five columns in the logo of the company symbolize the protection, safety, green, unity and cooperation of marine insurance.
HULL & MACHINERY INSURANCE
The H&M insurance is the most essential class of marine insurance as it provides insurance cover for the interest in the value of the ship, based on Lloyd`s Market or International Conditions, as the case may be.
A H&M insurance is a coverage specifically designed to provide protection to vessels such as a boat, ship, yacht, tankers, fishing boat, cruises, etc. used for transportation using waterways. Hull refers to the body of the vessel. A H&M insurance is a comprehensive insurance that allows the insurer to get coverage for their vessels against loss or damage to the hull, machinery, fittings against a lot of mutilations such as: ship-breaking risks, liabilities, disbursement risks, machinery breakdown risks, and a lot of such risks that a vessel can encounter while transporting goods via the waterways.
To the HULL & MACHINERY INSURANCE
PROTECTION & INDEMNITY
Protection & Indemnity insurance is amongst the oldest and most important marine insurance products and covers liability claims, such as cargo claims, personal injury claims, oil pollution claims, wreck removal claims, excess collision liability and the costs for repatriation of stowaways.
The scope of P&I cover has constantly enlarged over the past two centuries, hand in hand with the development of shipping. A recent example is the cover for liabilities in connection with MLC Rule 2.5.2 (financial security for the claims of seafarers against the shipowners), which is not a classic P&I risk.
P&I insurances issue their confirmation of cover required in accordance with certain conventions related to maritime safety, pollution, wreck removal and personal injury. With these co-called Blue Cards the shipowners may apply for flag-state approval.
To the PROTECTION & INDEMNITY
LOSS OF HIRE
LOSS OF HIRE (hereinafter as LOH) insurance is a kind of insurance generally effected by the shipowners be sides the hull insurance and the freight insurance. Such kind of insurance has been playing an important role in distracting risks of loss of vessels' earning capacity, in preventing their fund flow drying up because of casualties and in maintaining a stable environment for operation.
In the event of a damage to the ship and its consequential idle time without generating any income, certain costs such as crew wages and repayment of loans continue to fall due.
For this scenario it is advisable to buy Loss of Hire insurance, in order to cope with the requirements of money lenders, ensure planning dependability and hedge losses. Depending on the required amount and duration of the daily
To the LOSS OF HIRE
