The policy covers ship owners against any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels including risks of legal liabilities incurred towards Third Parties and Passengers.
WHO CAN TAKE THE POLICY?
Ship owners, charterers, shipbuilders, bankers, financiers of ships or vessels and any individuals with Insurable interest.
PERILS / RISKS
The policy covers perils of the seas, rivers, lakes or other navigable waters against loss/damage caused by:
Stranding, sinking etc.
Overturning, derailment (of land conveyance)
Violent theft by persons outside the vessel.
General average sacrifice, sacrifice, salvage charges
Breakdown of or accident to nuclear installations or reactors
Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation.
Earthquake volcanic eruption or lightning.
The policy does not cover loss/ damage due to:
Deliberate damage/destruction of the vessel by wrongful act of any person
Use of any weapon of war employing atomic / nuclear fission and or fusion.
Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
Insolvency or financial default of the vessel owner /operators /charterers
War / civil war, Strike, Riot or Civil Commotion
Any terrorist or person/s acting with political motive
WHAT IS COVERED?
All types of Oceangoing vessels
All type of Coastal/Inland vessels
Yard and pleasure Crafts
Shipbuilding- construction of vessel
Ship Repairers' Liabilities
Freight- at -Risks insurance for voyages
Fishing vessels / Trawlers
Jetties (with or without cranes), fixed pontoons/Pontoons Jetties, wharves etc.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.