“The beginning of wisdom
is the definition of terms.”
The Hull and Machinery insurance, commonly known as H&M, constitutes the flagship of the marine insurance sector. This policy covers the vessel and its machinery in case of total loss, constructive total loss and partial loss. While policy conditions greatly vary, the most commonly used set of rules are the Institute Time Clauses – Hull 1/10/83 (ITC), American Institute Hull Clauses and the Nordic Marine Insurance Plan (Nordic Plan). Our goal, when placing our clients’ risks, is to provide to them the best possible cover in the most completive rates.
The Loss of Hire insurance is also linked to the basic hull insurance of the vessel. The assured is covered against any incident that causes
demobilisation of the vessel so as to be deprived of income.
This specialist type of insurance comes as a respond to the increasing piracy incidents and its scope is to protect Owners that operate their vessels in high-risk areas around the world including Gulf of Aden, Gulf of Guinea, Persian Gulf and Indian Ocean. The coverage includes financial losses resulting from kidnapping, extortion and ransom demands.
The so-called “Defence” insurance covers legal expenses and other
associated costs arising from a wide spectrum of disputes. The legal costs incurred fall under the scope of Defence coverage, even in cases where the underlying risk may not be covered by the P&I Insurance.
Our team has an extended experience in this specialised insurance sector. Our access to specialised markets enables us to offer tailor-made solutions that will satisfy the needs of small owners.
We are actively involved in this specialised sector of marine insurance which covers vessels engaged to off-shore activities.
Our company recognises that shipping is a fast moving business which entails continually evolving risks. Therefore, we offer consultancy services to clients on a day-to-day basis providing them with quick and efficient solutions. Our strong legal background in both Greek and UK jurisdictions and our involvement in a wide range of shipping law cases enable us to offer sound legal advice and coordinate claims handling with the Clubs. Our expertise includes but is not limited to vessel arrests, pollution claims, port damage claims, crew claims, stowaways, off-spec bunkers and bunker quantity claims, unsafe berths, stevedore damage and defense matters. Having experience in all types of dispute resolution mechanisms (Mediation, Arbitration and Litigation), we are able to propose to our clients the best way to resolve their disputes based on their needs, expectations and resources. When dealing
with the Club, we aim to secure the interests of our Principals keeping their claim records as low as possible.
This type of insurance covers loss of life due to accident such as permanent, total or partial disability, temporary disability, outpatient care. Our company aims to design the proper accident insurance package that best suits the individual needs of our clients.
This type of insurance is supplementary to the basic H&M Cover and protects the Owner of the vessel against discrepancies between her insured and her actual market value.
War insurance operates as a complimentary cover to H&M Policy. It covers losses and damages to the vessel arising out of war perils. The concept of war perils is wide enough to incorporate war, civil wars, strikes, rebellions as well as piracy incidents. Nevertheless, the war policy does not cover the vessel during navigation through specific War Zones, unless Additional Premium (AP) is paid to the underwriters.
This type of marine insurance provides cover to ship-owners, operators and demise charterers for third party liabilities arising from the commercial operation of the insured vessels. Having a wide experience in this sector, our team has established strong professional relationships with major P&I Clubs through the years. We negotiate P&I Cover for our clients aiming to provide tailored solutions that will meet their particular insurance requirements and operational needs.
This type of insurance aims to protect Charterers against liabilities towards shipowners, cargo owners, authorities or other third parties.
Shipyards are exposed to a wide spectrum of risks and liabilities as they are involved in repair, conversion and reconstruction of vessels. Shipyard’s liability insurance covers, amongst others, liabilities to third parties for loss or damage to vessels, injuries, loss of property, pollution and wreck removal.
This certificate is necessary for vessels trading in the US in respect of ship-sourced pollution liabilities under the US Oil Pollution Act of 1990 (OPA 90) and under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).
This insurance product, commonly known as Errors & Omissions (E&O) Cover, protects professional advice- and service-providing individuals and companies against claims resulting from negligence, error or omission.
Liouta & Partners