Global Marine
Hull & Machinery

The risk landscape for shipowners and operators continues to directly impact Hull & Machinery and War insurances. Navigating emerging risks amid this changing environment will continue to challenge the industry, while providing shipowners and operators with opportunities for new tailor-made insurance solutions.

From increased regulations around cyber preparedness and low sulphur emissions, fluctuating fuel costs, threats from piracy, to the mental and physical wellbeing of crew, the impact of post-COVID-19 vessel reactivations, coupled with the continued evolution of new technologies, are adding new pressures to the traditional risks associated with operating a vessel.

Specialist solutions are designed to support shipowners and operators, including:

Hull and Machinery coverage for physical loss or damage to a vessel, including collision liabilities, if excluded under shipowners Protection & Indemnity (P&I) entry, sue and labour expenses, salvage and general average costs.

Increased Value/Hull Interest coverage against actual total loss or constructive total loss of a vessel. This insurance is activated where the hull value would be inadequate to cover the costs and expenses necessary to replace a lost vessel or ordering a new vessel. Separate freight interest coverage, or similar, can protect shipowners’ anticipated earnings on future freight.

Loss of Hire coverage protects shipowners and operators from a loss of daily income as a result of physical damage to a vessel.

War Risks coverage provides similar coverage as Hull & Machinery insurance, but War Risks coverage responds as a result of a war peril, including shipowners primary P&I. Loss of Hire coverage can also include war risks protection where shipowners have lost daily income as a result of physical damage arising from a war peril.

The nature of the marine industry demands an approach to risk management that is truly global. A network of regional hubs provide access to local markets and experts across every continent.

With industry expertise and established market relationships, specialist broking teams can deliver solutions which enable shipowners to pursue commercial ambitions with confidence.