Premiums

Premiums are calculated as a percentage of each vessel’s daily sum insured and, unlike the marine mutual associations, are on a
FIXED BASIS are not subject to any demands for additional premiums should the total of all claims and expenses exceed the total premiums.

What is Covered ?

Strikes covered that cause delay to vessels include, but are not limited to:

• delay involving entry into or departure from any port or berth;
• loading and/or discharging of cargo;
• supply or production of cargo;
• transportation of cargo to the place of loading or from the place of discharge;
• the provision of supplies, services or facilities, including ship repair and maintenance.

The scope of the cover is not limited to delays caused by those directly concerned with the vessel such as stevedores, pilots, tug crews, lightermen or custom officials. Cover also responds to delays due to strikes of those concerned with the provision of cargoes for the vessel such as mineworkers, factory workers, and those concerned with the transport of the cargo to and from the vessel such as railway workers and road haulage. Delays are covered regardless of whether the strikes are official or unofficial, whether partial or general, whether an overtime ban or go-slow. Picketing or the blacking of a vessel and the blockading of a port are also covered.

Period of Cover

12 months

Insured Amount

The basis of the insurance for a ship owner is the daily running cost of the vessel; for a time charterer it is based on the daily charter hire of the vessel; for a voyage charterer it is the amount of demurrage payable in the event of delay. The daily amount to be insured is agreed prior to the attachment of the insurance. Indemnity Period and Deductible

The period of indemnity and also the deductible applicable to each claim are agreed prior to attachment of the insurance and can vary with the requirements of each Assured.

Claims

Claims are settled at the daily amount agreed at inception for the period of the delay, subject to the agreed maximum period of indemnity and also the deductible. Providing the submission is in order, claims are usually finalised in a matter of days.

There is no limit to the number of claims an Assured can make.

The insurance is fully underwritten at Lloyd’s of London.

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