Marine insurance is necessary to provide a tanker owner with financial protection in case of damage or loss of the ship or its cargo. Marine insurance is split between the vessel and the cargo. Insurance of the vessel is generally known as “Hull and Machinery.” Insurance of the cargo is Cargo Insurance.
In addition, there may be a need for a tanker owner to obtain additional insurance in special circumstances for such things as sailing in a war zone or when new regulations or trading patterns dictate the need for additional insurance over and above hull and machinery or cargo insurance.
The Secretariat provides advice and guidance to Members on the coverage necessary for their particular voyage(s), any major changes in coverage by insurers and trends in claim payouts to ensure that Members have the latest insurance information for their tankers.
Legal & Documentary
Legal & Documentary
t: +44 20 7977 7010
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