In addition, here is a summary of our coverages for vessels engaged in shipbuilding, wind farm installation and offshore maintenance. As one of the world`s largest blue water risk insurers, we offer a range of bespoke products and services. Hull and machinery insurance covers the insured`s economic interest in the insured object – namely the vessel and its equipment. Coverage is subject to market conditions, including the Nordic Marine Insurance Plan 2013 and English Institute Time Clauses Hulls 1/10/83. The scope of coverage can also be tailored to the insured`s insurance needs. Gard`s extended crew coverage meets the employer`s responsibility for crew and staff outside of standard P&I insurance. Examples include crew/personnel visiting a non-boarded vessel with Gard, or crew and personnel remaining on board a non-boarded vessel in accordance with the P&I standard with Gard. Coverage may be extended to liabilities related to injury, illness or death of the crew member`s spouse and children if the insured`s liability arises from a contract previously approved by the Association, or to third party liabilities incurred by the crew or personnel if the crew is compensated by the West. 12 Type of exclusion of ship wells Article 5.12.1 of the P&I Rules currently reads: “Responsibilities in respect of a ship that is a ship or other description of ships or units constructed or adapted for drilling purposes related to oil or gas exploration or production.” What does that mean? Not all liabilities in the income statement can be grouped.
Vessels and units conducting offshore operations need insurance to cover liabilities arising from the particular nature of their activities, as well as contractual liabilities outside of standard P&I coverage. For this reason, we offer a tailor-made insurance solution to cover the additional risks that accompany and complement the standard coverage of the P&I rules. The P&I Diver Coverage is designed to meet the needs of our members who employ commercial divers and have a P&I listing with the Association for Special Ships or Service Units (registered in the Memorandum of Understanding program). Coverage includes Assure`s liability as an employer arising from injury, illness or death of its divers in the course of their employment, as well as liability of third parties caused by the acts or omissions of divers. The default coverage limit is $25 million per event. Coverage for damages resulting from special operations that would otherwise be excluded from the standard insurance of the club rules. This work includes dredging, blasting, pile driving, well operations, cable or pipe laying, construction, installation and maintenance, core sampling, overburden deposit and decommissioning. Hull interest insurance is coverage against actual total loss, implied total loss or total loss compromised. A total loss could place the shipowner in a situation where the value of the hull would not be sufficient to cover the costs and expenses necessary to replace the lost vessel or order a new vessel.
Hull interest coverage allows the shipowner to expect to return to the status quo in the event of a total loss, even taking into account the total value of the vessel`s capital. Coverage is subject to market conditions, including the Nordic Marine Insurance Plan 2013 and standard English conditions. 3 Standard Cover P&I Poolable Cover for Mutual Risks Rules Cover Crew pollution from sinking Elimination of ship collisions / dockside damage Cargo/property limits on board $7.6 billion (approximately) $2 billion in passenger and crew $3 billion in passenger and crew $1 billion Pollution Mutualizable coverage regulated by the POOLING AGREEMENT Because there are certain restrictions that form the framework of the standard coverage offered by the P&I clubs of the International. It has become necessary for Gard to propose a separate bolt-on insurance concept for members in order to respond to the various exclusions/restrictions on liabilities assumed in offshore contracts and during specialized operations. Gard believes that this combination of standard P&I insurance and integrated offshore CGL coverage is superior to the alternative of multiple policies with multiple insurers. For example, offshore contracts regularly require owners to assume additional responsibilities beyond what they would assume under the common law. These additional responsibilities are not covered by standard P&I insurance, and members need additional products to manage the risks they pose. 17 P&I Solutions Mutual (poolable) P&I.P&I with extended coverage (non-poolable): Extension of the offshore extension of salvators. Standard rules for offshore P&I. Highest non-pool limits in the market for securities rated A or higher. And to sum up what these covers look like.
Poolable / Mutual Cover Non Pool Extended Covers for Salvators, Offshore Extension ( like sp op / divers / ROV) Contract Extension Non Pool Standalone Cover for MODU and FPSOs. And we`ll be looking at some of these off-pool covers shortly. LINK TO NEXT SLIDE: The club`s Non-Pool IR program provides coverage of up to $1 billion. USD (unique as no other competitor has this high limit) and the club has full signing power to provide coverage. Since each project is usually unique, coverage is tailored to the individual needs of the owner or operator.
